Four South Korean OTC Crypto Thieves Plead Guilty in Bogus Deal
Four suspects involved in a South Korean OTC crypto theft case have pleaded guilty to the charges filed against them. The incident, which occurred in the Songnim District of Eastern Incheon, involved the fraudulent sale of USDT coins at below-market rates to a crypto enthusiast. Prosecutors believe that the stolen cash may have been used in a money laundering scheme, and one of the accused individuals is allegedly associated with a violent gang in Incheon. The victim, who is seeking the return of the stolen funds, claimed that the money comprised a combination of personal funds and borrowed amounts from friends and acquaintances.
Details of the Trial
- Five suspects appeared at the Incheon District Court on May 7, facing charges related to crypto theft and fraud.
- One suspect pleaded not guilty, while the remaining four accepted the prosecution’s charges.
- The alleged theft took place on February 19, with one of the gang members approaching the victim through a mutual acquaintance to offer USDT coins below market value.
- The victim’s legal team has urged the court to assist in recovering the stolen funds.
Police Investigation and Arrests
- During the police investigation, the victim, in their 40s, claimed that the stolen money consisted of personal funds and borrowed amounts.
- One of the suspects who pleaded not guilty stated that his legal team would provide a written explanation of his innocence.
- Initially, six individuals were arrested in connection to the theft, but one person was later released after being cleared of involvement.
Rising USDT Popularity in South Korea
- Incidents of OTC crypto theft in South Korea have been on the rise, coinciding with the increasing popularity of crypto investments and USDT in the country.
- In a separate incident in March, police arrested 10 individuals involved in a similar scheme.
- USDT is widely utilized in OTC and peer-to-peer trading across East Asia, particularly in crypto transactions.
Hot Take
Stay cautious and vigilant in your OTC crypto transactions to avoid falling victim to fraudulent schemes. With the rising popularity of cryptocurrencies, it’s essential to conduct thorough research and verify the legitimacy of any deals before committing your funds.
Sources:
1. [Maeil Kyungjae](https://www.mk.co.kr/news/society/11009134)
2. [Kyeonggi Ilbo](https://www.kyeonggi.com/article/20240507580125)
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