South Korean authorities have apprehended a Russian man in Busan after a failed attempt to steal approximately 1 billion Korean won (around $730,000) during a staged cryptocurrency transaction in Seoul. The incident underscores the growing concerns over crypto-related crimes in the region.
The Incident
On May 21, 2025, three Russian men allegedly orchestrated a fake peer-to-peer cryptocurrency deal, luring ten Korean investors to a hotel in Seoul’s Gangseo District. Two investors were invited to a hotel room under the pretense of finalizing the transaction, while the remaining individuals waited in the lobby.
Inside the room, the suspects, donning protective vests, ambushed the investors using a replica handgun and a telescopic baton. They restrained the victims with cable ties and attempted to seize 1 billion Korean won in cash.
One of the victims managed to escape and alert the authorities. Responding officers found one man bleeding in the lobby and discovered a cache of equipment in the suspects’ hotel room, including a replica firearm, batons, vests, and a money counter. The suspects fled the scene without the cash.
Arrest and Ongoing Investigation
On May 27, South Korean police arrested one of the suspects, a man in his 20s, in Busan. He faces charges of assault and attempted robbery. The other two suspects reportedly left South Korea shortly after the incident. Authorities have requested assistance from Interpol to track down the fleeing individuals.
Rising Crypto-Related Crimes
This incident highlights the increasing prevalence of crypto-related crimes in South Korea and globally. The anonymity and decentralized nature of cryptocurrencies have made them attractive targets for criminals. Recent cases include kidnapping and ransom attempts aimed at extracting digital assets from victims.
South Korean authorities continue to enhance their efforts to combat such crimes, including establishing specialized investigations units and implementing stricter regulations on digital asset transactions.
