Six Chinese nationals were arrested in South Korea for allegedly stealing $690,000 in a Tether deal.
On suspicion of assaulting a dealer and stealing 689 thousand dollars while engaging in a stablecoin trade, Jeju, South Korea, detained five Chinese nationals.
Maeil Business Newspaper says that authorities on Jeju Island, which is the largest island in South Korea, have arrested six Chinese nationals for allegedly stealing one billion won (almost $690,000) during a Tether transaction at a hotel on January 16.
uthorities cited Jeju Western Police as the law enforcement agency responsible for the investigation. The group allegedly attacked the cryptocurrency dealer, simply known as A, and stole the money.
The suspects, including a man in his forties known as B, assert that they are the real victims. In the course of the transaction, the gang allegedly accused A of “making Tether stablecoins disappear,” according to the police.
The authorities allege that the group assaulted the individual with the letter A and stole the intended money for the transaction. According to the report, the police apprehended two suspects at the hotel, apprehended three more suspects at Jeju International Airport, and arrested one suspect at another currency exchange.
The police retrieved 369 million won worth of cash from the accused, but they are still searching for the remaining cash. The six suspects, according to the police, have all denied the charges.
They allege that rather than exchanging Korean won for Chinese cash, they were persuaded to utilise virtual currency instead. They claim that this was their initial intention.
It is believed by investigators that the group had always meant to use Tether, and they suspect that they removed the stablecoins from the wallet while the exchange was taking place and then proceeded to assault A in order to take the cash.
In the meantime, the Financial Services Commission of South Korea, which is responsible for overseeing the country’s financial sector, has officially begun working on the second phase of its crypto laws in order to strengthen user protection.
Kim So-young, Vice Chairman of the Financial Stability Council, decided to move forward with phase two due to the rapid changes in the global cryptocurrency sector, characterized by both optimism and uncertainty.
It is believed that the new set of regulations would cover a variety of topics, including stablecoins, cryptocurrency exchanges, and legislation governing the admission of businesses; however, specifics have not yet been disclosed.
