South Korean police have detained a group of Chinese cryptocurrency thieves who allegedly robbed a high-end hotel guest.

A group of six Chinese nationals was arrested by South Korean police on suspicion of cryptocurrency theft. They are accused of stealing approximately $580,000 worth of crypto from a hotel guest in Jeju. According to Newsis, the police charged them with special robbery. The police believe the gang collaborated with a Chinese national acting as an unofficial crypto and fiat currency exchange. The exchange agreed to sell them cryptocurrency for over $690,000 in cash in an OTC transaction. They made seven transactions, providing cash each time, but did not receive the corresponding coins. During their final trade on January 16, they claimed no delivery of crypto and assaulted the exchange, stealing both the cash and the cryptocurrency. Police suspect further crypto funds were stolen from the victim's mobile phone. The victim reported the incident, leading to the arrest of some members at a hotel and others at Jeju International Airport. The police allege the gang planned the theft in advance, deceiving the victim into thinking they wanted to exchange crypto for cash. They are also investigating the whereabouts of the cryptocurrency stolen from the victim's mobile wallet.