South Korean Duo Arrested for Using Counterfeit Money in OTC Crypto Deal

South Korean authorities have arrested two individuals accused of using counterfeit money to purchase cryptocurrency in an over-the-counter (OTC) deal. According to Gangnam Police in Seoul, the suspects allegedly paid with counterfeit banknotes worth 210 million won ($159,300) in exchange for cryptocurrency.

The incident occurred in the early hours of September 15 at a restaurant in the affluent Gangnam District. The victim, who transferred approximately 300 million won ($227,500) in cryptocurrency to the suspects, was handed 4,200 fake 50,000 won bills. Upon closer inspection, the victim noticed multiple bills with the same serial number and alerted the authorities.

Police arrested the suspects later that day in the Yeoksam neighborhood and are currently investigating whether they produced the counterfeit money themselves. The case highlights a growing concern over rising OTC crypto-related crimes in South Korea, particularly in Gangnam, which serves as the hub for the country’s cryptocurrency industry.

Authorities are also probing whether more individuals were involved in the operation. One of the suspects is reported to be in their 20s.