Crypto Scam Leads to Violent Robbery Attempt in Seoul

A Russian national has been arrested in South Korea for his involvement in a violent robbery attempt linked to a fake cryptocurrency transaction. The incident, which occurred on May 21 at a hotel in Seoul’s Gangseo District, involved a meticulously planned ambush. The suspects lured 10 Korean men to the hotel under the guise of a peer-to-peer cryptocurrency deal. Eight of the victims were asked to wait in the lobby, while two were invited to a room upstairs to finalize the transaction.

The room was prepared for an ambush, with suspects hiding in the bathroom, wearing protective vests. As the two Korean men entered, the attackers jumped out and assaulted them, with one of the suspects carrying a replica handgun. The victims were tied with cable ties and beaten with a telescopic baton and fists. The situation escalated quickly as one of the victims managed to escape and ran to the lobby, where he warned the others. The attempted robbers tried to flee with a bag containing the cash but failed when the rest of the group intervened.

Police received a report at around 8:30 p.m. about a bleeding man in the hotel lobby. When officers arrived at the scene, they discovered the attackers had already fled. A search of the hotel room turned up a replica firearm, protective gear, a telescopic baton, and a cash counter, items investigators believe were prepared specifically for the planned theft. Authorities identified the suspects through the name used to book the hotel room. The next morning, authorities filed a travel ban request using the name registered for the hotel booking. However, it was later confirmed that one suspect had left South Korea shortly after the incident. A second accomplice is also believed to have fled the country.

“We have requested assistance from Interpol to track down the suspects who fled overseas,” a police official said. “We are currently questioning the apprehended suspect on the motive and details of the crime and are considering filing for a pretrial detention warrant.” Investigators believe the robbery was carefully planned, using the promise of a crypto trade to lure victims into a trap. The suspect now in custody may face serious charges as police work to locate the remaining fugitives.

The investigation is ongoing as authorities continue efforts to capture the remaining suspects and uncover more details about the planned heist. This incident reflects a disturbing international trend of escalating violence against crypto holders. In South Korea, authorities on May 14 dismantled a large-scale crypto investment scam, arresting 25 people linked to four criminal organizations. The group defrauded at least 48 victims of nearly 734 million won (around $540,000) by posing as investment advisers and luring victims to fake crypto platforms. Victims were shown fabricated profits through manipulated dashboards and encouraged to invest more. When they tried to withdraw funds, scammers either delayed the process or disappeared altogether.

Meanwhile, in France, police have intensified crackdowns after a string of violent kidnappings targeting crypto-linked people. In one case, a victim’s finger was severed to pressure a ransom payment. Another attempted abduction involved the daughter of a crypto exchange CEO. Authorities believe both incidents are tied to a single criminal network operating across multiple regions. Authorities across both countries are warning of a sharp rise in organized criminal activity targeting the crypto sector, with scammers and kidnappers exploiting both digital and physical vulnerabilities.