Six Chinese Nationals Arrested in $690K Tether Heist on Jeju Island!

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6 individuals from China were apprehended in Jeju, South Korea, on charges of physically attacking a trader and making off with approximately 750,000 USD during a cryptocurrency transaction.

The police in Jeju Island, the largest island of South Korea, have apprehended six Chinese individuals for suspected theft of approximately $690,000 during a Tether (USDT) transaction at a hotel on January 16th. This information comes from Maeil Business Newspaper, which cites the Jeju Western Police.

The team is being charged with assaulting a crypto broker identified as A and stealing money. However, those implicated, such as individual B in his 40s, claim they are actually the ones who have been wronged. The police assert that the group accused A of vanishing Tether stablecoins during the transaction. The authorities claim that the team physically assaulted the A person and stole the money intended for an exchange.

According to the report, two individuals were apprehended at a hotel, while three more were detained at Jeju International Airport. Another suspect was taken into custody at a different currency exchange. The police managed to seize 369 million won in cash from the arrested individuals, but are currently searching for the remaining amount.

The six suspects, as stated by the police, are refuting the accusations against them. They allege that their initial intention was to trade Korean won for Chinese currency, but they were persuaded to deal with virtual currency instead. The investigators speculate that this group had always intended to use Tether and suspect they transferred the stablecoins out of their digital wallet during the exchange prior to the theft from person A in order to acquire the funds.

In other news, South Korea’s Financial Services Commission is now actively progressing with the second stage of their cryptocurrency regulations, aiming to enhance user safety and security.

As a researcher reporting on this matter, I find myself reflecting on the recent statement made by Kim So-young, Vice Chairman of the Financial Services Commission (FSC). The FSC is planning to progress with phase two of their regulatory framework, given the dynamic and complex shifts in the global cryptocurrency market. This move is met with a blend of anticipation and apprehension as we navigate through these rapid changes.

The upcoming regulations are expected to encompass key areas such as stablecoins, crypto exchanges, and business entry requirements. However, specifics regarding these rules have yet to be disclosed.

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2025-01-20 11:36