USDT OTC Fraudsters Apprehended by South Korean Authorities in Gangnam

In Gangnam, a prestigious district of Seoul, South Korea, authorities recently apprehended 10 individuals accused of orchestrating a fraudulent USDT over-the-counter (OTC) trade.

Described as a "gang" by the police, the suspects allegedly enticed a victim and their associates into a street in the Yeoksam Neighborhood under the pretense of offering USDT tokens at a discounted rate.

Heart of Seoul Targeted by USDT OTC Thieves

The incident unfolded in the early hours of 21 March, with the gang purportedly assaulting the victim's group while feigning a cash count, ultimately absconding with over $74,000 without delivering any tokens.

In the aftermath, three suspects were nabbed near the scene, while four others were arrested in Anseong, Gyeonggi Province, on the same day.

Two additional suspects fled to Busan but were later apprehended, and the alleged mastermind was captured in Cheonan, South Chungcheong Province, four days later.

Authorities disclosed that the gang initially planned the robbery in Busan and may have targeted other crypto traders.

Seizing approximately $37,000 in cash and a gold necklace valued at around $4,750, which the suspects had purchased with the stolen funds, law enforcement formally charged the arrested individuals and handed them over to the prosecution service.

Investigations are ongoing to locate any remaining accomplices and the stolen cash.

Just One of Many OTC Crime Waves

This incident aligns with a surge in crypto-related crimes in South Korea, fuelled by the popularity of OTC trading and the resurgence of the kimchi premium.

In a separate case on 13 March, five individuals were apprehended for attempting to extort nearly $100,000 from two victims in a similar manner in Yeoksam.

Following a trade with the victims and receiving USDT tokens, other members of the group masquerading as police officers demanded cash from the traders, alleging illicit crypto trading activities.

Refusing to comply, the gang attacked the traders in an attempt to flee.

Increasing Efforts to Curb Fraudulent Activities

The uptick in OTC crypto scams prompted law enforcement officials to caution the public about offline cryptocurrency transactions, given the surge in criminal activities targeting crypto traders.

While South Korea's economy thrives on robust exports, particularly in semiconductors, the surge in crypto-related crimes poses challenges to economic stability and security.

Authorities are ramping up efforts to curb fraudulent activities in the crypto space, issuing warnings and intensifying crackdowns on criminal groups.