South Korean authorities have arrested a Russian national following a failed crypto robbery attempt involving a fake transaction worth 1 billion won (approximately $730,000). The arrest comes amid a concerning uptick in crypto-related violent crimes across the globe.
Fake Deal Turns Violent in Seoul Hotel
According to Gangseo Police Precinct in Seoul, the incident occurred on May 21 at a hotel in the Gangseo District, where three Russian suspects posed as legitimate participants in a peer-to-peer crypto exchange. The suspects lured 10 South Korean investors to the location under the pretense of completing a digital asset deal.
Once there, two of the investors were led to a hotel room where the suspects, wearing bulletproof vests and armed with a replica handgun and a telescopic baton, launched an ambush. They restrained the victims using cable ties, in what authorities believe was a carefully orchestrated robbery.
One Victim Escapes, Suspects Flee Empty-Handed
The plan quickly unraveled when one of the victims managed to escape and alert hotel staff, prompting an immediate police response. Officers arriving on the scene found one victim injured in the lobby and recovered evidence from the hotel room, including:
- A replica firearm
- Batons and protective vests
- A money counter, suggesting the robbery was premeditated
Suspect Detained in Busan, Others Flee Overseas
On May 27, South Korean police arrested one of the suspects — a Russian man in his 20s — in Busan. The other two suspects reportedly fled the country shortly after the failed robbery. A request to bar their departure was filed too late, prompting authorities to seek Interpol’s assistance in launching a global manhunt.
“We have requested assistance from Interpol to track down the suspects who fled overseas,” a police official said.
Spike in Crypto Crime Prompts Security Measures
This incident is the latest in a growing trend of crypto-related crime, including kidnappings, extortion, and assault. Just this month, a Manhattan crypto investor was charged in a torture-for-crypto case, and the family of French exchange Paymium’s CEO narrowly escaped an attempted kidnapping.
In response, crypto executives and investors are increasingly hiring personal security services. Firms like Infinite Risks International report a surge in demand for bodyguards and protection contracts in the wake of rising threats.