A Chinese man lodged in a Luxury Hotel in Jeju, South Korea, was attacked and killed by four assailants while trading crypto.
Officers from Jeju West Police Station found the body of the deceased on Feb 24 and have currently arrested four anonymous Chinese nationals in connection to the case.
The arrested Chinese nationals are accused of murdering the man and stealing 85 million Won ($56,000) from the victim.
The police were alerted when an acquaintance of the victim could not reach the victim after he confirmed that he was going to the hotel to trade cryptocurrency.
The Police arrived at the scene to find the deceased body with multiple stab wounds.
One of the suspects was arrested on an emergency basis, while the remaining three were caught by the police at the airport and a hotel-casino.
The police are currently investigating the suspects to determine the details of the incident, the circumstances, and the crime’s motive.
Crypto Charged Crimes
The majority of the crimes in the crypto industry happen onchain, with bad actors often compromising exchanges or user wallets to steal funds.
Besides On-chain crime, Crypto Crimes that occur off-chain might be limited or underreported.
Last Month, Co-founder of Ledger Wallet, David Balland, and his wife, Amandine, were abducted from their home in Vierzon, central France.
Armed criminals located the Founders Estate near Ledger’s headquarters and took the couple at gunpoint. They were separated and driven to different locations.
The kidnappers demanded a substantial ransom in cryptocurrency, with reports suggesting the amount was around €10 million (approximately $10 million USD), though exact figures vary across sources.
The Kidnappers cut off the fingers of David Balland and sent a video of the severed digit to another Ledger co-founder, Éric Larchevêque. This was proof of their actions and pressure for the ransom payment.
The Ledger team alerted the French Authorities, and a massive operation was launched to rescue the couple.
The Transparent nature of the blockchain poses a slight safety concern as people can see the transaction details made by a wallet.
This poses a slight challenge for high-net-worth individuals holding large sums of money in crypto, which could expose them to criminals.
Cryptomixers like Tornado Cash can solve this problem by scrambling transaction trails and making them hard to trace, facilitating some anonymity.
