Six suspected OTC crypto scammers have been arrested in Incheon, South Korea, police within the metropolis confirmed on February 20.
Per Newsis, officers stated the suspects have been all aged between 20 and 39. Police assume they stole $747,000 in money as a part of a bogus over-the-counter (OTC) commerce.
OTC Crypto Thefts on the Rise in South Korea?
Police say the incident came about within the Songnim District of Japanese Incheon at round 4 pm on February 19.
An unnamed sufferer stated that they had organized to swap about $747,000 for crypto. The sufferer stated that that they had agreed on a cut-price deal for the cash with distributors they presumably contacted through social media channels.
Nevertheless, the distributors reportedly arrived at a gathering level, took the sufferer’s money, and counted the cash of their van.
As soon as that they had completed counting, the suspects reportedly “pushed” the sufferer out of their automobile and sped off.
The alleged sufferer filed a police report, and officers stated they used CCTV footage to establish the automobile, its proprietor, and the rest of the group.
The variety of high-value OTC crypto thefts is climbing in South Korea. In early January, law enforcement officials within the close by city of Icheon, Gyeonggi Province, arrested a person “in his 20s” on theft-related fees.
Police stated this man equally provided to promote crypto at a low value, however as a substitute made off with $10,700 in money. The suspect took the cash and drove off in a automotive with out transferring any cash.
Police Subject Warning
Talking after the alleged incident in Incheon, a police official advised South Korean media retailers:
“We’re investigating the particular circumstances of this crime, together with the sources of the funds concerned.”
The official added:
“There was an increase in circumstances of fraud that contain attractive folks to promote digital foreign money at a low value. Others provide victims the possibility to make massive earnings by investing in digital foreign money. We ask the general public to be particularly cautious.”
Buying and selling volumes on South Korea’s Upbit crypto trade over the previous seven days. (Supply: CoinGecko)
In September 2023, regulators stated that they wished new powers to police the OTC crypto sector.
Audio system at an occasion involving the Monetary Providers Fee and the Seoul Southern District Prosecutors’ Workplace Digital Asset Crime Joint Investigation Staff claimed home OTC markets had turn out to be “the epicenter of digital currency-related crimes.”
South Korean Crypto Merchants’ Affect Jumps Throughout Current Bitcoin Rally
That is extraordinarily necessary to notice as trade and dealer dynamics are swiftly altering. My eyes are on Korea (once more) given the 2016-2018 premium. 👀 https://t.co/cyCQiiDlaj
— Leah Wald (@LeahWald) January 24, 2024
Regulators claimed the rising record of OTC-related crypto crimes now includs “fraud and cash laundering.”