Escaped South Korean Criminal Suspect ‘Used Weapon to Rob OTC Crypto Buyer’

Escaped South Korean Fugitive ‘Uses Weapon to Rob OTC Cryptocurrency Buyer’

An escaped criminal suspect from South Korea is allegedly involved in an armed robbery targeting an over-the-counter (OTC) cryptocurrency buyer, resulting in the theft of approximately $362,000 in cash. According to Law TV News, the suspect, who is in his 40s, managed to lure the victim to Seoul’s affluent Gangnam District before carrying out the robbery. Authorities have disclosed that the suspect is currently facing charges of fraud and had been held at the Seoul Detention Center. However, he took advantage of leave granted for his father’s funeral in November 2023 and failed to return, leading to his escape.

The South Korean Police state that the suspect enticed the victim to Gangnam by offering to sell a crypto asset at a lower price than the market value. The victim arrived at the district on April 11 intending to finalize the OTC transaction. However, instead of conducting the cryptocurrency transfer, the suspect used a blunt weapon to threaten the victim, subsequently stealing the cash and fleeing the scene. Police managed to identify the suspect through evidence collected at the crime scene, and the arrest was expedited with the assistance of a background check. Additionally, authorities have apprehended a man in his 40s and a woman in her 30s believed to have aided the suspect’s escape. Most of the stolen cash has been recovered, and further investigations into the incident are ongoing.

OTC cryptocurrency crimes have been on the rise in South Korea. Earlier this year, six individuals were arrested in Incheon for their alleged involvement in an OTC theft. In another incident, a man was apprehended in Icheon, Gyeonggi Province, on similar charges. Recently, a gang of “OTC thieves” targeting victims in the Gangnam District was also arrested. This surge in OTC-related crime reflects the growing popularity of cryptocurrencies in South Korea, where speculative demand for risky tokens has escalated.