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

According to reports, a fugitive from South Korea allegedly carried out an armed robbery on an OTC crypto buyer, making away with approximately $362,000 in cash. Law TV News revealed that the police stated the suspect, who is in his 40s, enticed the victim to Seoul’s upscale Gangnam District before executing the theft.

Escaped South Korean Criminal ‘Had Help from Others’

The Ministry of Justice confirmed on April 17 that the individual in question was detained at the Seoul Detention Center on charges of fraud.

In a notable incident, the center granted the suspect temporary leave in November 2023 to attend his father’s funeral. However, instead of returning as scheduled, the suspect seized the opportunity to flee, evading authorities’ pursuit ever since.

Law enforcement officials disclosed that the suspect enticed the victim to Gangnam, promising to sell an unspecified cryptocurrency at a price lower than the market rate.

According to police reports, the purported victim arrived in the district on the morning of April 11, intending to finalize the over-the-counter (OTC) transaction.

Instead of fulfilling the cryptocurrency transfer, the suspect purportedly wielded a blunt weapon, coercing the victim to surrender the cash before absconding from the scene.

Law enforcement authorities utilized evidence collected from the site of the crime to identify the suspect, and a thorough background check expedited the arrest process.

A police representative verified the apprehension of both a man in his 40s and a woman in her 30s suspected of aiding the suspect’s escape.

Furthermore, authorities stated that they had successfully recovered the majority of the stolen cash.

Investigators continue to delve into the specifics of the incident as the inquiry progresses.

OTC Crypto Crime on the Rise in South Korea

The incidence of OTC crypto-related crimes has surged in South Korea this year. In February, authorities arrested six individuals in connection with a suspected OTC theft in Incheon.

In January, law enforcement officers apprehended a man in Icheon, Gyeonggi Province, on comparable charges.

Moreover, officers revealed the arrest of a group of “OTC thieves” who purportedly targeted a victim in the Gangnam District earlier this month.

Police also reported another OTC crypto theft occurrence in Geumcheon in late February of this year.

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