South Korean Police Investigate ‘Crypto-linked Murder of Chinese National’

South Korean police are investigating the suspected crypto-linked murder of a Chinese man at a hotel on the island province of Jeju.

Per the South Korean news agency Yonhap, officers believe the crime “may have occurred during a cryptoasset exchange transaction.”

Police Probe ‘Crypto-linked Murder’

Jeju West Police Station told reporters on February 25 that they were questioning “four Chinese nationals,” including “two women in their 30s,” as well as “a man in his 30s and a man in his 60s.”

Police think the quartet may have stabbed the victim – a Chinese man in his 30s – to death in a luxury hotel room in Jeju City.

Officers say they think the crime took place on the afternoon of February 24. Police said they responded to a phone call from the dead man’s “acquaintance” made at around 5:10 PM.

The acquaintance said the man had “gone to buy cryptoassets,” but was now missing and was not responding to phone calls.

When police arrived at the scene, the man was “found dead, bleeding from multiple stab wounds.”

One of the suspects, “a woman in her 30s,” turned herself in at Seongsan Police Station in Seogwipo, Jeju, shortly after.

Police then arrested the other three suspects at Jeju International Airport as they were “trying to leave the country.”

Officers think the suspects stole cash worth 85 million won ($59,318), but say they are still “investigating the exact motive and circumstances” of the alleged crime.

All of the suspects were in Jeju on “tourist visas,” the police said.

🇰🇷South Korean banks are growing keener than ever to strike lucrative new partnership deals with the nation’s biggest crypto exchange players, a report has claimed.#SouthKorea #CryptoExchanges https://t.co/4poYMYw8l2

— Cryptonews.com (@cryptonews) February 18, 2025

Second Major OTC Crime in Jeju This Year?

The report comes just over a month after a similar incident at a Jeju hotel. In January, officers at the same police station said they arrested a “gang” of six suspected Chinese crypto thieves.

Officers accused the “gang” of stealing around $580,000 worth of crypto from a hotel guest. The group then reportedly tried to flee the country.

The alleged crime reportedly involved an over-the-counter (OTC) crypto “exchanger,” who agreed to sell the group an undisclosed amount of crypto for over $690,000 in cash.

This group had reportedly given the “exchanger” cash on seven prior occasions, with the “exchanger” then transferring coins to their crypto wallets.

However, on January 16, the group allegedly decided to steal the money and flee Jeju.

Crypto trading is effectively illegal in Mainland China. However, the popularity of coins, particularly USDT and Bitcoin (BTC), remains sky-high in the nation.