South Korean OTC Crypto ‘Thieves’ Admit Guilt in USDT Trial

Four individuals suspected of being involved in a South Korean OTC crypto theft case have admitted their guilt in a trial related to the theft of approximately $735,000 in a fraudulent USDT transaction. The trial took place at the Incheon District Court, where five men were charged with crypto-related theft and fraud. While one suspect pleaded not guilty, the remaining four accepted the charges brought against them by the prosecution. The incident occurred in Eastern Incheon in February of this year, with prosecutors alleging that one of the gang members met the victim, a crypto enthusiast, through a mutual acquaintance and offered to sell them USDT coins at a discounted rate. The victim’s lawyers stated that the stolen funds have not been recovered and urged the court to assist in the return of the funds. Prosecution officials believe that the gang, particularly one member in their 20s, is associated with a violent gang that operates in Incheon, and there are suspicions that the stolen cash could have been used in a money laundering scheme. The popularity of USDT and crypto investments in South Korea has led to an increase in reported OTC thefts this year.