Four individuals in South Korea have pleaded guilty to stealing approximately $735,000 in a fraudulent USDT deal. The incident occurred in the Songnim District of Eastern Incheon on February 19, with one of the gang members meeting the victim through a mutual acquaintance and offering to sell USDT coins below market rate. Prosecutors believe the stolen money may have been used in a money laundering scheme. The victim, in their 40s, claimed that the stolen funds were a combination of their own money and borrowed funds from friends and acquaintances.
During the trial at the Incheon District Court, five men were accused of crypto-related theft and fraud, with one suspect pleading not guilty. However, lawyers for the remaining four accepted the prosecution’s charges. Prosecution officials stated that one of the accused individuals, in his 20s, belongs to a violent gang active in Incheon. The alleged victim’s lawyers called on the court to assist in recovering the stolen funds. The suspect who pleaded not guilty mentioned that his legal team would provide a written explanation of his innocence.
Reports of South Korean crypto over-the-counter (OTC) thefts have been on the rise this year, reflecting the increasing popularity of crypto investments, particularly in USDT, in the country. Police arrested 10 individuals in March for stealing around $74,000 from a USDT buyer in the Gangnam District. Similar incidents were reported in Geumcheon in February and in Icheon in January. USDT is widely used in OTC and peer-to-peer trading in East Asia, primarily for Bitcoin (BTC) transactions.
Prosecution officials suspect that the stolen funds may have been used in a money laundering scheme, prompting the victim’s lawyers to request assistance from the court in recovering the money. The trial for the alleged OTC crypto theft took place at the Incheon District Court, where one suspect pleaded not guilty while the remaining four accepted the charges. One of the accused individuals, believed to be affiliated with a violent gang in Incheon, was highlighted by officials.
Police originally arrested six individuals in connection with the crypto theft, but one suspect was later released after investigations revealed their lack of involvement. South Korea has seen an increase in OTC crypto theft cases this year, with USDT being a popular choice for transactions. The victims of these thefts have experienced significant financial losses, often a combination of personal funds and borrowed money. Overall, the rise in crypto investments in South Korea has led to an increase in fraudulent activities involving digital assets such as USDT.
