A cryptocurrency buyer in South Korea has fallen victim to a scheme gone wrong, losing a staggering $735,000 in a bogus USDT deal. Four suspects have pleaded guilty to the theft, while a fifth maintains his innocence.

The incident unfolded in Incheon's Songnim District on February 19th. According to prosecutors, one of the accused, believed to be a member of a "violent gang" active in the region, lured the victim – a crypto enthusiast in their 40s – with the promise of USDT coins below market price.

The deal, however, turned sour. The victim, whose lawyers revealed the stolen sum included borrowed funds, never received the promised USDT.

Prosecutors suspect the stolen cash may have been funneled into a money laundering scheme. The victim is understandably anxious to recover their lost funds, and their lawyers have requested the court's assistance.

This case highlights the rising dangers associated with South Korea's booming OTC cryptocurrency market, particularly as Tether (USDT) gains traction as a trading currency. Earlier this year, similar incidents were reported in Gangnam, Geumcheon, and Icheon, resulting in stolen sums exceeding $70,000.

The remaining suspect who pleaded not guilty will have the opportunity to present a defense. With one suspect already released due to lack of involvement, the remaining four await the court's verdict.

This case serves as a stark reminder for crypto investors to exercise caution, especially when dealing with OTC transactions. Thorough research and reputable counterparties are crucial in mitigating the risk of falling prey to such fraudulent schemes.