In the upscale area of Gangnam in Seoul, South Korea, law enforcement has detained 10 individuals accused of engaging in fraudulent activities related to USDT over-the-counter (OTC) transactions.

According to reports from Maeil Kyungjae, the police disclosed that a group of individuals enticed a person into a street within the Yeoksam Neighborhood under false pretenses.

The incident occurred at 12:42 AM on March 21, where the involved parties seemingly arranged a deal online for USDT tokens valued at slightly over $74,000 without specifying the quantity.

During the encounter, the group purportedly requested to inspect the cash from the victim and their companions. While feigning to count the money, they allegedly assaulted the victim's group and absconded with the funds, failing to deliver any tokens.

Law enforcement managed to apprehend three suspects who attempted to flee in a vehicle near the crime scene. Additionally, four others who escaped in a separate vehicle were captured on the same day in Anseong, Gyeonggi Province. Two more suspects sought refuge in Busan, where they were later arrested by local authorities.

The suspected mastermind behind the operation, accused of orchestrating the crime and enlisting accomplices, was apprehended on March 25 in Cheonan, South Chungcheong Province.

Following investigations, the police revealed that the gang had initially planned their activities in Busan and may have targeted other cryptocurrency enthusiasts, assigning specific members to identify and engage with potential victims.

During raids, authorities seized approximately $37,000 in cash and a gold necklace valued at around $4,750, which the gang had purchased with the stolen funds. The suspects have been formally charged and handed over to the prosecution service for further legal proceedings.

In light of the surge in over-the-counter crypto trading in South Korea, law enforcement has observed a corresponding increase in criminal activities, particularly involving fraudulent USDT OTC transactions. Recent incidents have highlighted the risks associated with offline crypto transactions, prompting a cautionary warning from police officials to exercise vigilance and awareness when engaging in such activities.

The article underscores the evolving landscape of cryptocurrency-related crimes and the importance of vigilance and caution in conducting transactions, especially in the realm of over-the-counter trading.