Officers from the Jeju Western Police Station reported that a Chinese man was killed while trading cryptocurrencies at a luxury hotel in Jeju City, South Korea. The South Korean police have detained four Chinese men suspected of committing the heinous act.
The authorities said that three of the suspected Chinese nationals tried to flee the country. The media outlet said that officers also believe that the crime may have occurred during a cryptocurrency exchange transaction.
Officers arrest four Chinese nationals linked to the case
Tragic news from Jeju City, South Korea: A Chinese man was killed while trading cryptocurrency at a luxury hotel. Four Chinese suspects have been arrested for the crime, with the suspects stealing 85 million won in cash before fleeing. #CryptocurrencyCrime #JejuCity #SouthKorea… pic.twitter.com/tK3cYuwdyo
— Collin Brown (@CollinBrownXRP) February 26, 2025
The Jeju Western Police Station announced that they found a Chinese man dead at a luxury hotel in Jeju City on February 24. The officers believe that the man had died during a cryptocurrency transaction.
Officers also announced on February 25 that they had arrested and were investigating four Chinese nationals connected to the crime. The officers said that the suspected individuals included a 30-year-old Chinese woman, a 30-year-old Chinese man, and a 60-year-old Chinese man.
The quartet are suspected of killing a 30-year-old Chinese man at the luxury hotel in Jeju and fleeing with 85 million won that the victim had. Officers said that the Chinese nationals may have stabbed the victim on February 24.
Officers from the Jeju Western Police Station reported that they responded to a phone call from the dead man’s acquaintance at around 5:10 PM. The victim’s acquaintance revealed that the individual had “gone to buy crypto assets” but went missing and was not responding to phone calls.
The police reported that one of the culprits, a woman in her 30s, turned herself in at Seongsan Police Station in Seogwipo, Jeju, shortly after. The officers then apprehended the other three offenders at Jeju International Airport as they were “trying to leave the country.
Authorities believe that the suspects stole cash worth 85 million won (approximately $59,318). The officers argued that they were still “investigating the exact motive and circumstances” of the alleged crime. The authorities acknowledged that all the detained Chinese individuals were in Jeju on tourist visas when they committed the crime.
Jeju experienced another crypto theft this year
The Jeju West Police Station arrested a gang of six suspected Chinese crypto thieves on January 21. They were accused of stealing around $580,000 of crypto from a guest at a luxury hotel. The authorities said that the gang struck a deal with another Chinese national who worked as an “unofficial crypto and fiat currency exchanger.”
The police said that the victim had agreed to sell the group an undisclosed amount of crypto for over $690,000 in cash as part of an over-the-counter trade. The six suspects then gave the “exchanger” cash on seven occasions, where the “exchanger” transferred the coins to their crypto wallets.
The authorities said that the gang traded more money for crypto on January 16 but claimed that they had not received coins from the “exchanger.” The gang then assaulted the victim, stole the cash they had given him, and “ran away” with both the funds and the digital assets.
The police also believe that the gang may have stolen more cryptocurrencies from the alleged victim’s mobile phone. The victim later reported the incident to the police, who tracked the gang down. The authorities found some members of the gang in another hotel room and others at Jeju International Airport, preparing to flee the country.
The authorities argued that the gang had conspired in advance to steal the victim’s crypto by “deceiving him into thinking” they wanted to exchange it for cash. The officers said that they were tracing down the cryptocurrencies stolen from the alleged victim’s mobile phone virtual currency wallet. Officers at the Jeju West Police Station released video footage of them opening a suitcase apparently filled with bundles of South Korean 50,000 won bills.
The Securities and Exchange Commission revealed that it is setting up a new Cyber and Emerging Technologies Unit in March 2025. The SEC acknowledged that the unit will be used to tackle fraud in the blockchain and crypto space. The South Korean government said it is also pursuing the establishment of the unit to maintain investor confidence and ensure market stability.
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