Chinese man steals 410 million won using 'Tether transaction' bait and flees

Uk Jin

Summary

It was reported that a man of Chinese nationality was arrested on suspicion of stealing 410 million won using Tether (USDT) transactions as bait.
The suspect allegedly offered investors a stablecoin and cash exchange, then took the cash and failed to carry out the Tether transfer.
The police said they urgently arrested the suspect and recovered the full amount of the losses.

A Chinese man who lured investors by saying he would exchange cash for stablecoins (a digital asset whose value is linked to fiat currency) stole 410 million won and was arrested.

On the 20th (Korean time), according to the industry, the Seoul Jungbu Police Station booked A, a man in his 30s of Chinese nationality, on theft charges on the 19th.

A is accused of luring two people near Shilla Duty Free in Jung-gu, Seoul at around 8 p.m. the previous day by saying he would exchange cash for Tether (USDT), then taking a money bag containing cash and fleeing. A took the cash but did not transfer the Tether.

The police urgently arrested A and recovered all of the stolen funds.

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