HomeNewsCrypto ScamsSix Chinese Suspects Arrested in $690K Tether Heist in Korea

Six Chinese Suspects Arrested in $690K Tether Heist in Korea

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  • Authorities arrested six Chinese nationals for stealing $690K during the Tether trade.
  • Police collected more than $300K from the suspects, and the investigation is ongoing.

Six Chinese nationals were arrested on January 16 in Jeju for attempting to exchange 1 billion won for Tether Coin, a virtual currency. The suspects allegedly assaulted and robbed a currency exchange dealer, A, in the process.

The incident occurred at about 12:20 p.m. on January 16. The suspects, led by a man identified as A in his 40s, planned to exchange virtual currency with the victims. As part of the agreement, facilitated through Chinese exchange intermediaries, he provided the victims with 1 billion won in cash and 840 million won in virtual currency.

The group of individuals, under the leadership of a man by the name B, had planned an exchange of some large amounts of cash through services offered by A. The money exchange turned out to be violent when the group claimed that their Tether Coin had disappeared into thin air while being transferred within their virtual wallet.

Chinese Suspects Arrested in Crypto Heist

A reported the assault, and police quickly arrested B and another suspect at the hotel where the exchange was happening. Other suspects were apprehended at Jeju International Airport and a currency exchange. Authorities have recovered 369 million won from the suspects but continue to investigate the whereabouts of the remaining stolen funds.

The suspects deny the charges, claiming they only intended to exchange the money for Chinese currency. However, investigators believe the group planned to exploit the transaction to steal virtual currency. Police suspect the group accessed the Tether Coin wallet during the exchange process and attacked A to recover the missing money.

The police discovered that the suspects entered Jeju on January 13 and 14 using a visa waiver entry system, disguising themselves as relatives or acquaintances. Authorities identified the victims as travel agency operators catering to Chinese tourists, who also facilitated the exchange.

Police are trailing the cryptocurrency from the account with A’s wallet.They might have siphoned out part of the amount. It is possible that a different device linked to the wallet’s details in the other account accessed the money.

Police are further investigating a possible link between A and another currency exchange dealer. The dealer may have processed the virtual currency transactions. Authorities are digging deeper into the intricacies of the heist.

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