Teen thugs snatch $23,000 from crypto trader in violent daylight robbery

A black sedan pulls up next to an apartment complex, and a teenage male, waiting outside, climbs in. In a flash, two other teens rush into the vehicle, overwhelm the driver, snatch a bag, and run away.

The youth in the passenger seat remains locked in a fierce struggle with the driver. Finally breaking free, his shirt stripped from him during the struggle, he escapes the car and runs off.

The whole ordeal is over in the space of just over a minute.

Police released CCTV footage of the incident. Prosecutors say this was the latest in a string of bogus over-the-counter crypto sale deals that have ended in robbery and assault. The perpetrators were all teenagers, South Korean broadcaster ChannelA reported.

The teenagers lured the driver to the meeting by promising to sell him unnamed crypto holdings at a highly discounted price, police said. The teens reportedly told the man they would transfer the coins after he paid them $23,000 in cash. Instead, they took his money and fled.

Crypto-related crime is on the rise in South Korea, where police continue to hunt groups of thugs who reportedly take USDT payments in exchange for carrying out gruesome revenge attacks.

It also comes amidst a growing wave of violent attacks against members of the crypto community. Across the world, traders, executives, influencers and their families have been subject to assaults, kidnappings and even torture as criminals try to steal their crypto holding.

Many in the industry are now ramping up their personal security, and some industry leaders are even calling for the right to carry guns.

Further arrests

Police did not say exactly where or when the attack took place.

Officers said they had apprehended all of the suspects within a few days of the incident, ChannelA reported.

Investigators said the suspects were all aged 17 and 18 and had met in a juvenile detention centre.

The suspects admitted to coming up with the scheme during a “brainstorming session” as they devised ways to make money after their release, ChannelA reported.

The group thought there was a low chance they’d be caught, as over-the-counter crypto sales are illegal in South Korea. This, they thought, meant the alleged victim would probably not report the robbery.

Police said the teens used another person’s driving license to hire a car that they used to flee the scene of the alleged crime.

A prosecution service official said, following further investigations, the service had arrested another teenage male they think helped plan the attack.

The official said all four individuals have been indicted and detained on charges of aggravated robbery.

Incheon assault

The incident comes around a month after police in the city of Goyang arrested two teenage males on similar charges, South Korean media outlet KNN News reported.

The teens reportedly offered to sell a crypto trader an undisclosed quantity of crypto for just over $20,000.

In February last year, a crypto trader in Incheon filed a complaint, saying that thieves had made off with $167,000 in cash after arranging a fake USDT sale.

The parties reportedly brokered the deal in a crypto-themed open chat room on the KakaoTalk platform.

Tim Alper is a News Correspondent at DL News. Got a tip? Email him at tdalper@dlnews.com.