Six Chinese Arrested in Jeju for Special Robbery After Argument Over Virtual Currency Exchange

A number of Chinese people were arrested in Jeju for arguing while exchanging 1 billion won for "Tether Coin," a virtual currency.

Several Chinese nationals were apprehended in Jeju for engaging in a physical altercation during an attempt to exchange 1 billion won for "Tether Coin," a cryptocurrency.

Both the group attempting to exchange the money and the money changer claimed to be victims, leading to the police investigating the group for special robbery.

According to the Jeju Western Police Station on the 20th, six individuals, including B in his 40s, were arrested for assaulting virtual currency exchange dealer A and stealing cash (special robbery) at a Jeju hotel on the 16th.

The victim, money changer A, and the six suspects are all Chinese nationals. Six people, including B, are accused of assaulting A during an attempt to exchange 1 billion won in Hanwha for cryptocurrency through A, ultimately demanding the cash and claiming that the tether coin that entered their virtual currency wallet during the exchange abruptly vanished.

Upon receiving a report from A immediately following the incident, the police apprehended two people, including the main suspect B, at the hotel where the exchange was taking place on the same day and went on to arrest three more at Jeju International Airport and one at a currency exchange in Jeju.

The police were able to recover 369 million won in cash that the group either had on them or had stashed away, with the remaining amount still being pursued.

During the police investigation, all six members of the party, including B, denied the charges. They stated that they had attempted to exchange all 1 billion won in Korean currency for Chinese currency, but A persuaded them that "virtual currency is safer," leading them to pursue the transaction.

In response, the police suspect that B and the others had intended to exchange the money for virtual currency through A from the outset, based on statements provided by another currency exchange dealer who had connected A and his daily wage with the group. Notably, since virtual currency wallets can be accessed remotely at any time, the authorities believe that B and the others may have withdrawn tether coins during the currency exchange process and assaulted A to extort cash. The precise details of the incident are still under investigation by the police.