South Korean Police Arrest ‘Multinational Gang of OTC Crypto Thieves’
OTC crypto crime appears to be on the rise in South Korea, where police say they have arrested a “multinational gang” who allegedly locked a woman in a car before stealing cash. According to reports, the gang members include a South Korean man in his 30s and an Egyptian man in his 20s. Both were arrested on charges of illegal confinement and aggravated theft. The incident took place in the Gasan District of Seoul on December 3, 2023.
OTC Crypto ‘Crime’ – Suspects Say Victim ‘Was a Crypto Scammer’
The gang allegedly stole the woman’s cell phone and a bag containing approximately $127,630 in cash. They left her locked in the vehicle with no means of escape and fled the scene using another vehicle they had prepared. However, the suspects claimed that they were the victims of a cryptocurrency scam and that the woman they locked in the car was a delivery person for the scam organizers. The group has been released on bail, and their cases are now being handled by the prosecution service.
Police Dealing With Multiple Cases
In addition to this case, police in Incheon also made six arrests in connection with a suspected $747,000 OTC trade on February 20. Another arrest was made in Icheon, Gyeonggi Province, where a suspected fake OTC trader ran off with a crypto buyer’s $10,700. Police have warned the public about the risks associated with in-person OTC crypto trades and have noted a significant increase in related crimes in recent months.
Hot Take: Stay Vigilant Against OTC Crypto Crimes!
As an avid crypto enthusiast, it’s crucial for you to stay vigilant and take precautions when engaging in over-the-counter (OTC) crypto transactions. The recent arrest of a multinational gang involved in OTC crypto thefts in South Korea serves as a reminder that these crimes are on the rise. To protect yourself and your assets, here are some key points to keep in mind:
- Be cautious of OTC transactions that involve unfamiliar or unverified individuals.
- Verify the credibility and reputation of the OTC trader or platform before conducting any transactions.
- Consider using reputable OTC trading platforms that have implemented security measures and offer escrow services.
- Avoid carrying large amounts of cash during OTC transactions.
- If possible, conduct OTC transactions in public places with surveillance cameras.
- Report any suspicious activities or incidents to the authorities immediately.
By following these precautions, you can minimize the risk of falling victim to OTC crypto crimes and help create a safer environment for crypto traders. Stay informed, stay cautious, and protect your investments!
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