South Korean OTC Crypto 'Thieves' Admit Guilt in USDT Trial

Four individuals suspected of engaging in South Korean over-the-counter (OTC) crypto theft have confessed to their involvement in a fraudulent USDT transaction, swindling approximately $735,000 from a crypto buyer.

Appearing before the Incheon District Court on May 7, five men faced charges related to crypto theft and fraud. While one suspect pleaded not guilty, lawyers representing the remaining four admitted to the prosecution's allegations.

Unraveling the USDT Theft: Insights into the Songnim District Incident

The purported theft occurred in the Songnim District of Eastern Incheon on February 19 this year. Prosecutors believe that one member of the group, having met the victim through a mutual acquaintance, offered to sell USDT coins at a discounted rate.

The stolen funds, a combination of the victim's personal finances and borrowed money, have yet to be recovered. Prosecutors suspect that one of the accused, identified as a man in his 20s with ties to a violent gang in Incheon, may have been involved in money laundering activities.

The victim, in their 40s, has urged the court to facilitate the return of the stolen funds. Despite ongoing investigations, no progress has been reported in retrieving the money.

Incheon District Court. (Source: MBC News/YouTube)

Rising Crypto Theft: South Korea's OTC Transaction Vulnerabilities

Incidents of crypto-related thefts, particularly involving OTC transactions, have surged in South Korea, mirroring the country's growing interest in cryptocurrency investments, notably in USDT. Recent arrests and reports highlight the increasing prevalence of such crimes, with USDT commonly used in OTC and peer-to-peer trading for Bitcoin transactions.