South Korean police have uncovered fresh details in the murder of a suspected over-the-counter (OTC) cryptocurrency trader in Jeju City, suggesting the crime was meticulously planned.
Authorities have charged three Chinese nationals in their 30s with murder and robbery after a man identified as “A” was found stabbed to death in a luxury hotel on February 24.
Investigators believe the attack was carried out to steal 85 million won ($58,811) and that one of the suspects, a woman referred to as “B,” played a leading role in orchestrating the crime.
Police also suspect that multiple financial transactions were made before and after the attack, reinforcing suspicions of a premeditated act.
Financial transactions suggest planning
Jeju West Police Station officers stated that transaction data points to the crime being premeditated.
Investigators allege that B, along with her two accomplices, “C” and “D,” coordinated the attack and moved money between themselves using Chinese mobile payment services and other platforms.
According to the police, the victim arrived at the hotel to exchange cryptocurrency at around 2-3 PM on February 24. Shortly after, B was seen leaving the hotel room with a paper bag filled with cash.
Investigators believe that she passed the money to C and D, who then approached a Chinese man in his 60s, referred to as “E,” who was staying in another room at the hotel.
The suspects allegedly asked E to exchange the stolen Korean won into Chinese yuan.
Police initially arrested E on the day of the murder but later released him on bail, citing the possibility that he was unaware of the crime.
However, investigators believe his involvement in the financial transactions is a crucial part of the case.
Suspect carried weapon
Authorities claim that B brought a knife into the hotel, reinforcing the theory that the attack was pre-planned. Initially, B allegedly told investigators that the knife was provided by the hotel.
Later, she changed her statement, claiming that she carried the knife to peel fruit. This conflicting testimony has raised further suspicions about her role in the crime.
Officers believe that A was attacked within minutes of entering the hotel room. His body was discovered in the evening of February 24, bearing multiple stab wounds.
The suspects maintain that his death was an accident, but police argue that the coordinated financial transactions and the presence of a murder weapon contradict these claims.
Crypto crimes in Jeju
The recent case is not an isolated incident.
Earlier this year, a separate group of six Chinese nationals was arrested in Jeju for allegedly planning a similar OTC crypto theft.
According to reports, they had engaged in multiple crypto-for-cash transactions before attempting to defraud a trader of $690,000. Police believe the group arranged a fake OTC trade on January 16 before fleeing the island.
These cases highlight a growing trend of crypto-related crimes in Jeju, a popular tourist destination known for its semi-tropical climate and appeal to Chinese visitors.
Authorities are now intensifying efforts to crack down on crypto-related fraud and ensure tighter regulations surrounding OTC transactions.
The three primary suspects in A’s murder remain in custody, with South Korean prosecutors expected to pursue severe charges.
The case is being closely watched as authorities examine the broader risks associated with unregulated cryptocurrency transactions.
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