S Korean Police Arrest ‘Gang of Chinese Crypto Thieves’ Who ‘Robbed High-end Hotel Guest’

South Korean police have arrested a “gang” of suspected Chinese crypto thieves accused of stealing around $580,000 worth of crypto from a guest at a luxury hotel.

The South Korean news outlet Newsis reported that the Jeju West Police Station arrested six people on “special robbery” charges.

Chinese Crypto Thieves Arrested at Airport

Police think the gang struck a deal with another Chinese national who works as an unofficial “crypto and fiat currency exchanger.”

The “exchanger” agreed to sell the group an undisclosed amount of crypto for over $690,000 in cash as part of an over-the-counter trade.

The group reportedly gave the “exchanger” cash on seven occasions, with the “exchanger” then transferring coins to their crypto wallets.

However, in the early hours of January 16, police said, the gang traded more money for crypto.

But during this deal, they claimed that they had not received coins from the “exchanger.”

They then “assaulted” the “exchanger,” stole the cash they had given him, and “ran away” with both the cash and the crypto.

The gang may also have stolen further crypto funds from the alleged victim’s mobile phone, police think.

The alleged victim reported the incident to the police, who tracked the group down. Some members were found in another hotel room, with others at Jeju International Airport, seemingly preparing to flee the country.

Bogus OTC Trade?

The police think the gang “conspired in advance” to steal the victim’s crypto by “deceiving him into thinking” they wanted to exchange it for cash.

Officers say they are also investigating the “whereabouts of the cryptoassets stolen” from the alleged victim’s “mobile phone virtual currency wallet.”

South Korea braces for Trump's policies with biggest-ever export finance support https://t.co/ruXKMvGOEa pic.twitter.com/cxnm2OlfDh

— Reuters (@Reuters) January 20, 2025

Jeju police released video footage of officers opening a suitcase apparently filled with bundles of South Korean 50,000 won bills.