Law enforcement in South Korea is investigating the murder of a Chinese national in Jeju, suspecting it may have stemmed from a crypto deal gone wrong.
According to a February 25 report from local media outlet Yonhap, police believe the crime “may have occurred during a crypto asset exchange transaction.”
Officers are questioning four Chinese nationals—two women and two men—over their alleged involvement.
Both the victim and the suspects were traveling to Jeju Island on tourist visas.
The victim, a man in his 30s, was found dead in a luxury hotel room in Jeju City on the evening of February 24.
His acquaintance had alerted police after failing to reach him, saying he had “gone to buy cryptoassets” but wasn’t responding.
However, when officers arrived, they discovered the victim had passed away due to multiple stab wounds.
One suspect, a woman in her 30s, turned herself in at a local police station minutes after the crime.
The other three were caught at Jeju International Airport while allegedly trying to leave the country. Police suspect they stole about 85 million won ($59,000) from the victim.
Police suspect the group stole 85 million won (roughly $59,000) from the victim before fleeing.
Investigators are now working to determine the exact motive and circumstances behind the murder, with the crypto-related dealing being a key focus.
Jeju Island’s second crypto-motivated crime this year
South Korea’s Jeju Island, a popular tourist destination, is known for its crypto-friendly stance and has a rich history of embracing blockchain and cryptocurrency innovations to stimulate economic growth and establish itself as a web3 hub.
The island plans to introduce blockchain-powered digital tourism cards offering travel perks, local discounts, and membership benefits to tourists.
In the past, it has also experimented with blockchain-based solutions across the public sector in areas such as traffic management systems and VAT refunds for foreign tourists.
But while Jeju embraces crypto innovation, its growing role as a hotspot for digital asset deals has also led to an uptick in crypto-related crimes.
Last month, another high-profile case shook the island when a group of Chinese nationals was arrested for allegedly robbing a hotel guest of roughly $580,000 worth of crypto.
The group had reportedly set up an over-the-counter exchange deal, only to flee with the cash instead of completing the trade. They were later caught attempting to leave the country.
Crypto crimes on the rise
With cryptocurrencies now more valuable than ever, the number of high-profile crypto-linked crimes has soared all across the globe as bad actors and criminals target crypto users physically to steal their assets.
Last year, a 29-year-old foreign national was robbed and murdered in Ukraine’s capital city of Kyiv.
The accused abducted the victim and forced him to transfer 3 Bitcoins before taking his life.
Elsewhere, a Ukrainian national was robbed of $250,000 in USDT by armed robbers in Thailand in November last year.
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