Wed, May 08, 2024 at 03:13

• 

  Kang-hoon

  • Good day, Annie.

  • Today, I have some news about a crypto-related theft that happened in South Korea.

  • Four out of five suspects have admitted to stealing around $735,000 from a crypto buyer in a fraudulent USDT deal.

  • 
• Annie

  • Oh wow!😮 That's a lot of money.

  • How did they manage to do that?

  
• 

  Kang-hoon

  • The incident took place in the Songnim District of Eastern Incheon on February 19 this year.

  • Prosecutors believe one of the gang members met the victim through a mutual acquaintance and offered to sell USDT coins at below the market rate.

• Annie

  • That sounds like a classic scam.😕 So, what happened to the stolen money?

  • 

  
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• 

  Kang-hoon

  • The stolen money hasn't been recovered yet.

  • 

  • The victim's lawyers are urging the court to assist in returning the funds.

  • 

  • Officials think the stolen cash may have been used in a money laundering scheme.

• Annie

  • Oh no!😟 That's terrible.

  • What about the suspects?

  
• 

  Kang-hoon

  • One of the accused, a man in his 20s, is believed to be part of a violent gang active in Incheon.

  • One suspect pleaded not guilty and his legal team will provide a written explanation of his innocence.

• Annie

  • Hmm...🤔 And what about the victim?

  
• 

  Kang-hoon

  • The victim, who is in their 40s, claimed that the stolen money was a combination of their own funds and money borrowed from friends and acquaintances.

• Annie

  • That's really sad.😢 Has this kind of thing happened before?

  
• 

  Kang-hoon

  • Unfortunately, yes.

  • Reports of South Korean crypto OTC thefts have skyrocketed this year.

  • In March, police arrested 10 people who allegedly stole around $74,000 worth of cash from a USDT buyer in the affluent Gangnam District.

  • Similar incidents were reported in Geumcheon in late February and Icheon in early January.

• Annie

  • Oh my!😱 That's alarming.

  • So, is this news good or bad for the market?

  
• 

  Kang-hoon

  • Well, it's certainly not good news.

  • It highlights the risks involved in crypto transactions and might deter potential investors.

  • However, it also emphasizes the need for better security measures and regulations in the crypto market.

  • Upon comprehensive consideration, this news is perceived as a 😍Bullish.