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CASE 208  |  Chinese National  |  January 20, 2025  |  South Korea
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DATABASE RECORD
  id                  208
  date                January 20, 2025
  original_date       January 20, 2025
  year                2025
  month               1
  quarter             2025-Q1
  victim              Chinese National
  location            Jeju, South Korea
  country             South Korea
  scenario            P2P Trade Gone Wrong
  description         Gang of 6 people meet OTC trader in luxury hotel, assault and rob him of $580K in cash and crypto.
  kidnappings         0
  violence_torture    0
  drugs_alcohol       0
  weapons             0
  theft               1
  life_taken          0
  money_wanted        $580,000
  coin_type           crypto
  reports             CryptoNews
  notes               OTC trader assaulted after 5 previous normal deals, several crypto taken
  has_processed_date  1
  created_at          2025-11-13 05:44:45

AI SUMMARY  [generated at bulk import, NOT verified against sources]
  **Victim:** Chinese National
  
  **Attackers:** Gang/organized group
  
  **Attack Method:** P2P Trade Gone Wrong
  
  **Violence Used:** Threats/intimidation
  
  **Crypto Stolen:** $580,000 in crypto
  
  **Status:** Investigation ongoing

LINKED SOURCES
  [url]  https://cryptonews.com/news/south-korean-police-arrest-gang-of-chinese-crypto-thieves-who-struck-high-end-hotel-guests/

NOTES ON THIS FILE
  * matched to sheet row 209: exact match on victim + year, unique on both sides

------------------------------------------------------------------------------------------------
ARTICLE 1
  Source   CryptoNews
  URL      https://cryptonews.com/news/south-korean-police-arrest-gang-of-chinese-crypto-thieves-who-struck-high-end-hotel-guests/
  Origin   reported_K&R sheet, row 209, column "Articles"
  Length   2,474 chars
------------------------------------------------------------------------------------------------
S Korean Police Arrest ‘Gang of Chinese Crypto Thieves’ Who ‘Robbed High-end Hotel Guest’
Police

South Korea
Gang assaulted ‘crypto exchanger’ in Jeju and ‘stole $580k worth of coins,’ officers believe

Author
Tim Alper
Last updated: 
January 20, 2025
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.”

Jeju police open a suitcase apparently filled with South Korean 50,000 won banknotes.
Jeju police open a suitcase filled with what looks like South Korean 50,000 won banknotes. (Source: Jeju West Police Station)
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.

Jeju International Airport.
Jeju International Airport. (Source: Bohao Zhao [CC BY 3.0])
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.”


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

------------------------------------------------------------------------------------------------
FETCHED ARTICLE 1  [RAW EXTRACT — NOT YET TRIMMED]
  !! This is the whole page as extracted. It still contains site furniture,
  !! and may contain teaser headlines for UNRELATED cases. Trim on read-through.
  !! Do not quote from it without checking the passage belongs to this case.
  Source     cryptonews.com
  URL        https://cryptonews.com/news/south-korean-police-arrest-gang-of-chinese-crypto-thieves-who-struck-high-end-hotel-guests/
  Field      url
  Retrieved  2026-09-05T12:49:06+00:00 via raw HTTP retrieval, deterministic extraction (HTTP 200)
  Language   unknown
  Kept       paragraphs ALL 50 paragraphs, untrimmed
  Length     4,803 chars
  Integrity  sha256 8279654603e399b95efac73881429302f9edfbfafead3fdc25ff79e13fe3df34
  Trimmed    NOT TRIMMED. Full page extract; trim on read-through.
  Caveat     retrieved from a live page on the date above. Unlike text copied
             from the spreadsheet, there is no second copy to hash it against.
------------------------------------------------------------------------------------------------

ORIGINAL (unknown, verbatim as retrieved)

South Korean Police Arrest ‘Gang of Chinese Crypto Thieves’

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

Gang assaulted ‘crypto exchanger’ in Jeju and ‘stole $580k worth of coins,’ officers believe

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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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.”

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

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At Cryptonews, we aim to make cryptocurrency, blockchain, and Web3 understandable, and information available to everyone, no matter what level you are in your investment journey. Founded in 2017, Cryptonews has been dedicated to delivering reliable, multilingual coverage of the cryptocurrency industry.

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked on media projects with Samsung, Sony, LG, Hyundai, Korean Air, Microsoft, Accenture, and more. His crypto-related articles have also been published on The Motley Fool and FXEmpire.

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generated from attacks-export-Gart-website.json + reported_K&R  |  case 208
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