South Korean police are investigating the murder of a Chinese man, suspected to be linked to a cryptocurrency transaction, in a luxury hotel in Jeju. The crime occurred on February 24, and officers believe the man was killed during a cryptoasset exchange.
Authorities have detained four Chinese nationals—two women and two men—who were reportedly attempting to leave the country. The suspects allegedly stole cash worth 85 million won ($59,318).
Suspects Arrested at Airport
The Jeju West Police Station revealed that the deceased, a Chinese man in his 30s, was found in his hotel room with multiple stab wounds.
The discovery was made after an acquaintance reported his disappearance, stating that the victim had gone to buy crypto assets but had since stopped responding to calls.
Shortly after the crime, one of the suspects, a woman in her 30s, surrendered at Seongsan Police Station in Seogwipo. The police then apprehended the remaining three suspects at Jeju International Airport as they were allegedly trying to flee South Korea.
Investigators are now working to determine the exact motive behind the killing. All four individuals had entered Jeju on tourist visas.
Rising Crypto-Related Crimes
This shocking case is part of a growing trend of cryptocurrency-related crimes worldwide. The rise of digital assets has led to an increase in kidnappings, robberies, and even murders.
Criminals often target traders who carry large amounts of cash for over-the-counter (OTC) crypto deals. Unlike traditional banking transactions, these cash-for-crypto exchanges lack institutional oversight, making them risky for buyers and sellers.
South Korea, a major hub for cryptocurrency trading, has witnessed a surge in crypto-linked crimes. The anonymity and borderless nature of digital currencies make them attractive to criminals.
In recent years, authorities have struggled to regulate private crypto transactions, leading to cases like this one.
Also Read: Crypto Exchange Binance & Malaysian Police Crackdown on $1.6M Kidnapping Ransom
A Similar Case Last Month
This is not the first time a crypto-related crime has occurred in Jeju. In January, police arrested a group of six Chinese nationals who allegedly stole $580,000 worth of crypto from a hotel guest.
The suspects had initially engaged in multiple transactions with an OTC crypto exchanger, transferring large sums of money in exchange for digital assets.
However, on January 16, they reportedly decided to steal the funds instead of completing the transaction. The group attempted to escape but was caught before they could flee the country.
Police Intensify Crackdown
Following these recent incidents, South Korean authorities have vowed to strengthen surveillance on crypto transactions, particularly those involving foreign nationals on tourist visas.
While cryptocurrency offers financial freedom, it also attracts bad actors who exploit its decentralised nature. Experts urge traders to conduct transactions in secure locations and avoid carrying large sums of cash.
As investigations continue, the latest Jeju case serves as a grim reminder of the dangers associated with unregulated crypto transactions. Authorities are expected to release more details as they uncover the full circumstances behind the murder.
Also Read: Six Men Charged In Chicago Kidnapping And $15M Crypto Ransom Scheme