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Four suspected South Korean OTC crypto thieves recently pleaded guilty to stealing approximately $735,000 from a crypto buyer in a fake USDT deal. The suspects appeared in court on May 7, facing charges of crypto-related theft and fraud. One of the suspects pleaded not guilty, while the lawyers representing the other four admitted to the charges. The incident took place in the Songnim District of Eastern Incheon on February 19, with prosecutors believing that one of the gang members met the victim through a mutual acquaintance and offered to sell USDT coins at a discounted rate.

Prosecutors have stated that one of the accused, a man in his 20s, is known to be a member of a violent gang that is active in Incheon. They have also suggested that the stolen cash may have been used in a money laundering scheme. The victim, who is in their 40s, has claimed that the stolen money consisted of their own funds as well as money borrowed from friends and acquaintances. The victim’s lawyers have requested the court’s help in returning the funds. During the police investigation, six people were initially arrested in connection with the theft, but one suspect was later released after it was determined that they were not involved in the crime.

The popularity of crypto investment, as well as USDT, has been on the rise in South Korea, leading to an increase in reports of OTC theft incidents. In March, police arrested 10 individuals accused of stealing around $74,000 in cash from a USDT buyer in Gangnam District. Similar incidents were reported in Geumcheon in late February and in Icheon in early January. USDT is widely used in OTC and peer-to-peer trading in East Asia, primarily in Bitcoin transactions. The use of USDT as a currency in trading has made it a target for thieves looking to exploit the growing interest in cryptocurrency investments.

The alleged victim in this case has not yet recovered the stolen funds, and the prosecution has indicated that the money may have been funneled into a money laundering operation. One of the suspects who pleaded not guilty has stated that his legal team will provide a written explanation of his innocence. The gang involved in the theft is said to be active in Incheon, further highlighting the presence of criminal elements in the region. The court has been called upon to help ensure that the stolen money is returned to the victim and to hold the accused accountable for their actions. The prevalence of such incidents underscores the need for increased vigilance and security measures in the crypto trading sector in South Korea and beyond.

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