Reports emerging from local sources unveil a startling incident in South Korea involving an inmate temporarily released for a funeral, who cunningly orchestrated a cryptocurrency over-the-counter (OTC) deal to perpetrate theft. The inmate, capitalizing on the buyer's trust, duped them into purchasing digital assets below market value, absconding with a staggering sum of 500 million won.

In a face-to-face encounter for an OTC cryptocurrency transaction in South Korea, the unexpected unfolded as a prisoner, granted leave to attend a funeral, masterminded the theft of 500 million won ($363,000) from another individual. Initially brought to light by South Korea’s Law TV News, the incident swiftly garnered attention, prompting Seoul police to launch investigations. "We have recovered most of the cash stolen," remarked the officers, shedding light on the ongoing probe into the matter.

The deceitful tactics employed by the felon involved enticing the unsuspecting crypto buyer with an offer significantly lower than the prevailing market rates. Having obtained temporary release from the Seoul detention center following his father's demise in November the previous year, the inmate exploited the solemn occasion of the funeral as a guise. However, upon the funeral's conclusion, he failed to return to the detention center, marking the inception of his criminal escapade. The incident surfaces amidst heightened scrutiny over crypto assets in South Korea during the initial quarter of 2024.

The scene of the robbery unfolded in Gangnam, where the perpetrator, armed with a blunt weapon, swiftly relieved the victim of their funds during the pre-arranged rendezvous, before fleeing the vicinity. Law enforcement authorities acted swiftly, apprehending both the convict and a female accomplice who facilitated his evasion from custody. This revelation follows a string of cryptocurrency-related thefts witnessed in Sweden and Canada the preceding year, underscoring a concerning trend in the global crypto landscape. Studies indicate a concerning escalation, with over 100 physical assaults targeting cryptocurrency holders documented since 2014.