An armed robbery on an OTC cryptocurrency buyer resulted in the claimed theft of about $362,000 in cash by an escaped South Korean criminal suspect.

Police claim the culprit, who is believed to be in his 40s, "lured" the victim to Seoul's wealthy Gangnam District before taking the money, according to Law TV News.

South Korean criminal who escaped "had help from others"

On April 17, the Ministry of Justice announced that the suspect was being detained at the Seoul Detention Centre on suspicion of fraud.

In November 2023, the suspect was given permission by the centre to travel to attend his father's burial.

However, the suspect took advantage of the situation to flee and did not show up as scheduled. Since then, police had been looking for the man.

The offender "lured the victim to Gangnam," according to the officers, An unidentified cryptoasset is what he "would sell" for "cheaper than the market price."

According to authorities, the accused victim entered the district "on the morning of April 11" in an attempt to finalise the OTC transaction.

OTC Cryptocurrency Crime in Korea Is Increasing

This year has seen a sharp increase in OTC cryptocurrency-related crimes in South Korea. A suspected OTC theft in Incheon resulted in the arrest of six persons in February.

On the same charges, police in Icheon, Gyeonggi Province, apprehended a man in January.

Additionally, authorities claimed they have apprehended a group of "OTC thieves" who had earlier this month in the Gangnam District reportedly preyed on a victim.

According to police reports, late February of this year saw another OTC cryptocurrency theft incident in Geumcheon.