South Korean authorities have detained a multinational criminal group allegedly involved in a surge of over-the-counter (OTC) crypto crimes. The individuals, accused of deceiving a victim into a fraudulent OTC transaction, were arrested after engaging in illegal confinement and aggravated theft. This incident highlights the growing dangers associated with face-to-face crypto transactions, leading law enforcement to issue warnings to the public.
Arrest of Multinational Criminal Group
On December 3, 2023, officers from Geumcheon Police Station in Seoul apprehended six individuals, including a South Korean man in his 30s and an Egyptian man in his 20s, on charges of illegal confinement and aggravated theft. The arrests followed an occurrence in the Gasan District of Seoul, where the gang allegedly locked a Vietnamese woman in a vehicle after stealing her mobile phone and a bag containing approximately $127,630 in cash. Despite managing to initially escape from the scene, the suspects were later caught.
While the accused individuals maintain their innocence and claim to be victims of a cryptocurrency scam orchestrated by the woman they confined, authorities remain cautious. The suspects allege that the woman was a courier for the scam organizers. However, police investigations are ongoing, and the suspects have been released on bail pending further proceedings by the prosecution service.
Emerging Trend of OTC Crypto Crimes
This incident is part of a troubling trend in South Korea, with law enforcement reporting a significant rise in OTC crypto-related crimes. In a separate case in Incheon, six individuals were arrested in connection with a suspected $747,000 OTC trade on February 20. Additionally, in Icheon, Gyeonggi Province, a suspected fraudulent OTC trader absconded with $10,700 belonging to a crypto buyer. Police have cautioned the public about the dangers associated with face-to-face OTC crypto trades, urging heightened vigilance and awareness.
The arrest of a multinational criminal group in South Korea highlights the increasing threat of OTC crypto crimes and prompts authorities to urge caution among cryptocurrency traders. As law enforcement continues to combat these illicit activities, individuals are advised to exercise diligence and employ secure trading practices to mitigate the risks associated with face-to-face transactions.
The ongoing handling of these cases by the prosecution service underscores the seriousness with which authorities are addressing the issue. In light of these developments, stakeholders in the cryptocurrency ecosystem are reminded to remain vigilant and adhere to regulatory guidelines to safeguard against potential financial losses and fraudulent schemes.
