Four individuals suspected of being involved in a crypto theft case in South Korea have pleaded guilty to stealing approximately $735,000 from a crypto buyer during a fraudulent USDT deal. The suspects appeared in court on May 7, facing charges of theft and fraud related to cryptocurrencies. While one suspect pleaded not guilty, the lawyers representing the other four accepted the charges brought against them by the prosecution.
According to reports, the incident occurred in the Songnim District of Eastern Incheon on February 19. Prosecutors believe that one member of the group met the victim, a crypto enthusiast, through a mutual acquaintance. This member then offered to sell the victim USDT coins at a price below the market rate. The stolen funds have not yet been recovered, and the victim’s lawyers have requested the court’s assistance in retrieving the money.
Prosecution officials have stated that one of the accused, a man in his 20s, is associated with a violent gang that is active in Incheon. They 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 has stated that his legal team will provide a written explanation of his innocence.
Initially, six people were arrested in connection with the incident, but one suspect was later released after it was determined that they were not involved in the theft.
South Korea has seen a surge in reports of crypto OTC thefts this year, as the popularity of crypto investment, particularly in USDT, continues to rise in the country. In March, 10 individuals were arrested for allegedly stealing around $74,000 in cash from a USDT buyer in Gangnam District. Similar incidents were also 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, primarily in Bitcoin trading.
