Crypto Murder in Jeju: Four Arrested in Stabbing of Chinese National

South Korean authorities have arrested four individuals in connection with the murder of a Chinese national in his thirties. The victim, identified only as Mr. A, was found dead in his hotel room on the island city of Jeju, with multiple stab wounds. Police believe he was targeted during a private cryptocurrency exchange.

Investigations revealed that the victim had traveled to Jeju to complete a private crypto exchange, but failed to contact his acquaintance upon arrival. The acquaintance subsequently reported him missing, leading to the discovery of his body. Police apprehended the first suspect, a Chinese woman in her thirties, after she turned herself in at Seongsan Police Station. The other three suspects, also Chinese nationals, were arrested at Jeju International Airport while attempting to leave the country.

Police found 85 million won (approximately $52,500) of the victim's money on the suspects, but are still investigating their specific motives and actions. This incident is not the first time Chinese nationals have been arrested in Jeju for thefts and cryptocurrency-related crimes. Last month, six individuals were detained for stealing crypto worth 840 million won ($585,000) from two other Chinese individuals.

This worrying trend of violent crypto thefts has been on the rise in recent years. According to a record of physical Bitcoin attacks kept by developer Jameson Lopp, there have been 30 reported incidents in 2024 alone, compared to 23 in 2023, 33 in 2022, and 36 in 2021. These attacks, often referred to as 'wrench attacks,' involve the use of force or threats of violence to steal cryptocurrency from victims.

Experts warn that as cryptocurrency adoption increases, so does the risk of these attacks. AnchorWatch co-founder Becca Rubenfeld notes that even modest sums of cryptocurrency can make individuals potential targets. Jameson Lopp, who himself was a victim of a swatting attack in 2017, advises cryptocurrency owners to avoid face-to-face trades to reduce their risk. Rubenfeld also emphasizes the importance of maintaining privacy regarding one's cryptocurrency holdings.