South Korean Police Arrest Suspected OTC Crypto Thief

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South Korean Police Arrest Suspected OTC Crypto Thief

South Korean Police Arrest Suspected OTC Crypto Thief
Supply: spaxiax/Adobe

South Korean police have arrested a person they think of stealing money as a part of a bogus over-the-counter (OTC) crypto alternate.

Per the broadcaster KBS, law enforcement officials within the city of Icheon, Gyeonggi Province, mentioned that they had arrested a person “in his 20s” on theft-related fees.

Officers mentioned that the person “lured” a sufferer into believing the deal was a bone fide crypto transaction.

The person allegedly provided to promote the sufferer unspecified cryptoassets for the sum of round $10,700 in money.

The duo reportedly organized to satisfy at a public park in Icheon at 6am on January 4 to conclude the transaction.

Nevertheless, police declare, the person arrived on the park in a automotive. The sufferer then allegedly handed over the money to the person.

The latter then took the money, put it within the passenger seat glove field, after which sped away with out transferring the cash.

The alleged sufferer instantly filed a report on the nearest police station. Officers arrested the suspect shortly after.

The Icheon Police Station, in Gyeonggi Province, South Korea.
The Icheon Police Station, in Gyeonggi Province, South Korea. (Supply: Yonhap Information TV/YouTube)

OTC in South Korea: Crackdown Incoming?

South Korean officers have set their sights on regulating the OTC and peer-to-peer (P2P) crypto markets, as they crack down on unregistered gross sales.

Final 12 months, the Korea Customs Service claimed that “unlawful international alternate transactions” made utilizing crypto hit the $4 billion mark in 2022.

Monetary regulators have teamed up with the nation’s biggest crypto exchanges in a bid to identify and shut down illegal OTC operators.

And police say that darkweb operators use illicit portals to facilitate tens of millions of USD value of unlawful P2P offers.

Legislation enforcement officers are waging war on an epidemic of teenage crypto-powered drug trading.

In November final 12 months, police in Daegu raided a “drug trafficking organization” that used crypto as a tool for payments, arresting 48 people.

Police and public prosecutors have quadrupled their spending on crypto and blockchain analytics tools as they try to close the net on offenders.

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