Last updated: January 3, 2024 21:19 EST . 1 min read Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.
A set of black handcuffs on a wooden background.A set of black handcuffs on a wooden background.Source: spaxiax/Adobe

South Korean police have arrested a man they suspect of stealing cash as part of a bogus over-the-counter (OTC) crypto exchange.

Per the broadcaster KBS, police officers in the town of Icheon, Gyeonggi Province, said they had arrested a man “in his 20s” on theft-related charges.

Officers said that the man “lured” a victim into believing the deal was a bone fide crypto transaction.

The man allegedly offered to sell the victim unspecified cryptoassets for the sum of around $10,700 in cash.

The duo reportedly arranged to meet at a public park in Icheon at 6am on January 4 to conclude the transaction.