South Korea's affluent Gangnam district, usually known for glitz and glamour, became the scene of a brazen heist recently. A cunning escaped convict, reportedly in his 40s, targeted an unsuspecting cryptocurrency buyer with a bait-and-switch scheme gone wrong.

According to Law TV News, the suspect lured the victim with the promise of a crypto deal too good to be true – acquiring an unnamed cryptocurrency "cheaper than the market price." The eager buyer, drawn by the prospect of a bargain, ventured into Gangnam on the morning of April 11th, ready to close the over-the-counter (OTC) transaction.

But instead of a digital deal, the would-be buyer encountered a physical threat. Law enforcement alleges the suspect brandished a blunt weapon, snatching the victim's cash (nearly $362,000 worth) before vanishing into the streets.

The escape, however, wasn't the only trick the suspect had up his sleeve. He had previously absconded from the Seoul Detention Center in November 2023, granted a temporary release for his father's funeral. Freedom, however, proved more tempting than family ties, and he never returned.

Thankfully, the authorities weren't fooled for long. Police, using evidence from the crime scene and a background check, were able to identify and apprehend the suspect. The good news doesn't stop there – a spokesperson confirmed the arrest of two additional accomplices, a man and woman in their 30s and 40s respectively, suspected of aiding the escape. Most of the stolen cash was also recovered.

This incident highlights a worrying trend – a rise in OTC crypto-related crimes in South Korea. This year alone, similar incidents have been reported in Incheon, Icheon, and Geumcheon, raising concerns about the vulnerability of OTC transactions.

With this recent case, the Seoul police department has its work cut out for them. They are still investigating the details of the robbery, but one thing remains clear: Gangnam's underbelly has a new player, and law enforcement will be working hard to ensure this crypto heist doesn't become a trend.