730,000 Crypto Trap Busted in Seoul—Victim Escapes, Suspect Arrested

According to a report by JoongAng Daily, the man was caught in the city of Busan on May 27. He is one of three Russian nationals involved in the case.

The group is accused of trying to steal 1 billion won, about $730,000, from South Korean investors by pretending to organize a cryptocurrency trade.

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The incident took place on May 21 at a hotel in the Gangseo district of Seoul. Investigators said the suspects invited 10 Korean men to the hotel under the pretense of a peer-to-peer crypto exchange.

Two of the men were called up to a room, while the rest waited in the lobby. The attackers wore bulletproof-style vests and tried to threaten the victims using a fake gun and a metal baton. The two men had their hands tied with cable ties.

However, one of the victims was able to break free and alert hotel staff, which led to a police call. Officers arrived to find one man injured in the lobby and the suspects already gone.

Although they escaped, the attackers left behind several items in their room, including a replica weapon, protective vests, batons, and a money counter.

Authorities filed a request to prevent the suspects from leaving South Korea. Two of the men had already flown out of the country. One officer told reporters, "We have requested assistance from Interpol to track down the suspects who fled overseas".

Recently, South Korean actress Hwang Jung-eum faced criminal charges and public backlash. What happened? Read the full story.