South Korean OTC Crypto ‘Thieves’ Admit Guilt in USDT Trial
Four individuals suspected of being involved in OTC crypto theft in South Korea have pleaded guilty to stealing approximately $735,000 from a crypto buyer in a fraudulent USDT deal. On May 7, five men appeared at the Incheon District Court, facing charges of theft and fraud related to cryptocurrencies, as reported by Maeil Kyungjae and Kyeonggi Ilbo. While one suspect pleaded not guilty, the lawyers representing the remaining four accepted the prosecution’s charges.
The incident in question occurred on February 19, 2024, in the Songnim District of Eastern Incheon at around 4 pm. Prosecutors believe that one of the gang members met the victim, a crypto enthusiast, “through a mutual acquaintance” and offered to sell USDT coins at a price below the market rate. The victim’s lawyers stated that the stolen funds have not yet been recovered and requested the court’s assistance in returning the money.
Prosecution officials revealed that one of the accused, a man in his 20s, is associated with a violent gang that is active in Incheon. They also suspect that the stolen cash may have been used in a money laundering scheme.
During the police investigation, the victim, who is in their 40s, claimed that the stolen money consisted of their own funds as well as money borrowed from friends and acquaintances. The suspect who pleaded not guilty informed the court that his legal team would provide a written explanation of his innocence.
Initially, six individuals were arrested in connection with the incident, but one suspect was later released after it was determined that they were not involved in the alleged theft.
South Korea has seen a rise in OTC crypto thefts this year, coinciding with the increasing popularity of crypto investment and USDT in the country. In March, 10 people were arrested for allegedly stealing approximately $74,000 in cash from a USDT buyer in Gangnam District. Similar incidents were reported in Geumcheon in late February and Icheon in early January.
USDT is widely used in OTC and peer-to-peer trading in East Asia, particularly in Bitcoin (BTC) transactions.
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