Six individuals suspected of being involved in over-the-counter (OTC) crypto scams have been apprehended by the police in Incheon, South Korea. The suspects, aged between 20 and 39, allegedly stole $747,000 in cash during a fraudulent OTC trade. The incident occurred on February 19 in the Songnim District of Eastern Incheon. According to reports, the victim had arranged to exchange the cash for cryptocurrency at a discounted price through vendors they contacted on social media. However, after taking the victimโs money and counting it in their van, the suspects pushed the victim out of their vehicle and fled. CCTV footage helped the police identify the suspects and their vehicle.
This incident is part of a rising trend of high-value OTC crypto thefts in South Korea. In January, a man was arrested in Icheon on similar charges after he deceived a victim into giving him $10,700 without providing any cryptocurrency in return. The police have issued a warning about fraud cases involving enticing people with low-priced virtual currency sales or promising large profits through virtual currency investments.
Regulators have expressed concern about the increasing number of OTC-related crypto crimes, including fraud and money laundering. They are seeking additional powers to regulate the OTC crypto sector.
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