South Korean police have arrested four Chinese nationals after a man was found dead in a hotel. The two women and two men are suspects in the ongoing investigation after a crypto exchange went wrong.
Found in a Hotel on Jeju Island, the victim is believed to have been stabbed to death. One of the women turned themselves in as the other three tried to flee the country. However, South Korean law enforcement arrested them at Jeju International Airport.
The police were informed by what’s being described as an “acquaintance”, who couldn’t reach the victim on their phone. According to the report, the man had gone to buy crypto assets from the group, but never made it out alive. Current reports state that 85 million won ($59,318) was stolen.
Police in the area are still investigating the crime, and its “exact motive and circumstances”. However, the story of Chinese nationals using travel visas to get into the country to trade crypto.
South Korea has become a safe haven for Chinese crypto traders
South Korea is effectively a safe haven for Chinese nationals to trade cryptocurrency. As China has strict rules around crypto, where it’s fine for personal use, but not for payment or investment, locals will often travel outside the country to use it.
South Korea is becoming more entwined with crypto. Major players and exchanges are making deals with banks in the country. The country has also allowed the selling of crypto donations, and at the start of the year moved to lift the ban on institutional investors.
It has also been delaying its crypto tax for quite some time, with the latest move pushing its way back into 2027. The recently impeached South Korean president, Yoon Suk-Yeol, before being suspended over his failed call for martial law, was also pushing for South Korea to push further into cryptocurrencies.
Featured image: Wikicommons, Pexels
