"Crypto Heist: $167K Stolen in South Korea's USDT OTC Trade"

South Korean police are on the hunt for a suspect accused of stealing 240 million won ($167,000) in cash during a USDT OTC (over-the-counter) trade. The incident allegedly took place on February 21 in the city of Incheon.

The suspect and the victim, a man in his thirties, agreed to the deal after communicating in an open chatroom on the KakaoTalk platform. The victim responded to a post from a vendor offering to sell USDT coins at a low price. They exchanged chat messages and arranged to meet on the first floor of a commercial building in West Incheon’s Seoknam District.

The suspect told the victim that they would transfer the coins to their wallet and then take the cash as payment. However, the victim explained that while they were looking away for a moment, the suspect ran away with the cash. Police believe the suspect came from a Central Asian country but are unsure of their exact nationality.

USDT-related OTC thefts appear to be on the rise in South Korea, particularly in Incheon and nearby regions. In May last year, four men pleaded guilty to stealing some $735,000 from a USDT OTC buyer in a similar case. Police officers have alleged that violent gangs active in Incheon are increasingly trying to target unsuspecting local crypto traders.

The popularity of crypto is growing fast in Incheon and other cities close to the South Korean capital, Seoul. Kim, a resident of Ilsan in Gyeonggi Province, told Cryptonews.com that almost everyone he knows either has an interest in crypto or is actively trading coins now, with a lot of talk about stablecoins, especially USDT.