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S Korean Police Arrest ‘Gang of Chinese Crypto Thieves’ Who ‘Robbed High-end Hotel Guest’
Police
South Korea
Gang assaulted ‘crypto exchanger’ in Jeju and ‘stole $580k worth of coins,’ officers believe Last updated:
January 20, 2025 22:00 EST
Author
Tim Alper
Author
Tim Alper
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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...
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Last updated:
January 20, 2025 22:00 EST
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The South Korean news outlet Newsis reported that the Jeju West Police Station arrested six people on “special robbery” charges.
Chinese Crypto Thieves Arrested at Airport
Police think the gang struck a deal with another Chinese national who works as an unofficial “crypto and fiat currency exchanger.”
The group reportedly gave the “exchanger” cash on seven occasions, with the “exchanger” then transferring coins to their crypto wallets.
However, in the early hours of January 16, police said, the gang traded more money for crypto.
But during this deal, they claimed that they had not received coins from the “exchanger.”
They then “assaulted” the “exchanger,” stole the cash they had given him, and “ran away” with both the cash and the crypto.
The gang may also have stolen further crypto funds from the alleged victim’s mobile phone, police think.
The alleged victim reported the incident to the police, who tracked the group down. Some members were found in another hotel room, with others at Jeju International Airport, seemingly preparing to flee the country.
The police think the gang “conspired in advance” to steal the victim’s crypto by “deceiving him into thinking” they wanted to exchange it for cash.
Officers say they are also investigating the “whereabouts of the cryptoassets stolen” from the alleged victim’s “mobile phone virtual currency wallet.”
Jeju police released video footage of officers opening a suitcase apparently filled with bundles of South Korean 50,000 won bills.
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