South Korea reveals that victim was targeted through KakaoTalk chatroom as OTC crypto thefts rise in Incheon.
$167K Stolen in OTC Crypto Deal Gone Wrong
South Korean police are searching for a suspect who allegedly stole 240 million won ($167,000) during a USDT over-the-counter (OTC) trade in Incheon. The victim had arranged the deal via an open chatroom on KakaoTalk.
How the Scam Unfolded
The suspect and victim agreed to exchange cash for USDT. The victim placed the money in a paper bag on the floor, but while briefly distracted, the suspect fled with the cash.
Suspect’s Identity Remains Unclear
Authorities believe the suspect may be from a Central Asian country but have not confirmed their nationality. Investigators are working to track the suspect down.
OTC Crypto Thefts on the Rise
This incident is part of a growing trend in South Korea, particularly in Incheon. Last year, four men pleaded guilty to stealing $735,000 in a similar USDT OTC scam. Police warn that organized crime groups are increasingly targeting crypto traders.
Crypto’s Growing Popularity in South Korea
Interest in crypto trading, especially in stablecoins like USDT, continues to surge in Seoul and nearby regions. The rise in OTC trades has also made traders more vulnerable to scams.
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