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South Korean authorities have launched an international manhunt for suspects involved in an over-the-counter (OTC) USDT theft operation. Law enforcement agencies are working with international partners to track down individuals accused of orchestrating a large-scale fraud involving Tether (USDT), one of the most widely used stablecoins in the crypto market.
According to investigators, the suspects allegedly lured victims into OTC crypto transactions, promising favorable exchange rates for large USDT trades. Once funds were transferred, the perpetrators disappeared without completing the transactions. The total amount stolen has not yet been disclosed, but authorities believe the operation involved multiple victims across different countries.
South Korea has been ramping up its efforts to combat crypto-related financial crimes, particularly as the use of digital assets in illicit activities continues to rise. The country has strict regulations on cryptocurrency exchanges, but OTC markets often operate in a legal gray area, making them a target for bad actors.
Authorities are now working with Interpol and other international agencies to locate and apprehend the suspects. Given the cross-border nature of the crimes, cooperation between law enforcement agencies will be key to recovering stolen funds and bringing those responsible to justice.
The case highlights the risks associated with OTC crypto transactions, where deals are often conducted directly between parties without the oversight of regulated exchanges. Investors and traders are urged to exercise caution when engaging in large crypto transactions, particularly in unregulated markets.
As the investigation unfolds, South Korean officials have reaffirmed their commitment to cracking down on crypto-related fraud and strengthening regulations to prevent similar incidents in the future.
