Russian man arrested in South Korea for attacks with fake crypto trading

Russian citizens were detained in South Korea for alleged attacks and attempted to rob them during a fake crypto transaction. Two men have been victims of a P2P Crypto scam, which includes three Russian citizens.

South Korean police have arrested Russian citizens in connection with attempted violent robbery in a gradual cryptocurrency transaction that includes around $728,000 in 1 billion won. The Russian man being detained in Busan is in his 20s.

His two accomplices, who are also Russian citizens, fled the country shortly after the incident, and an international manhunt exists now.

Seoul’s Gangsaeo Police District confirmed that an arrest occurred around 3:40pm on Tuesday. The suspect is part of a group that allegedly staged a brutal ambush targeting South Korean citizens involved in peer-to-peer (P2P) cryptocurrency trading.

One Russian suspect has been arrested in South Korea

The incident occurred on May 21, 2025 at a hotel in Gangso district, western Seoul. Police reports show that three Russian suspects invited 10 Korean men to the hotel, pretending to carry out a P2P crypto transaction, which includes a large amount of cash.

The group told the eight victims to wait in the hotel lobby and instructed the last two to come to the designated room.

As soon as they entered the room, the suspect, wearing protective vests and hiding in the toilet, launched a sudden attack on two unsuspecting men. They threatened the victims with replica handguns and beat them with both the telescope baton and fist. The victim was tied to a cable tie and one suffered an injury before fleeing.

The victim fled to the hotel lobby and warned the others waiting downstairs. The attackers attempted to steal a bag containing a billion wins ready for trade, but after the rest of the group intervened, they were forced to escape the scene without money.

Police received an emergency report around 8:30pm regarding a man bleeding in the hotel lobby. Officers arrived at the scene and found a cash counter, bulletproof vest, replica firearms and batons used in the attack on the suspect’s hotel room.

The Gangseo Police School has issued an official statement encouraging those with relevant information about the fugitive.

International Manhunt for Accomplices

The morning after the attempted robbery, police demanded a ban on travelling abroad under the identity that was used to book a hotel room. It is later discovered that one of the suspects had already boarded a flight from South Korea within hours of the crime, and the second person quickly fled the country.

Interpol was then brought to track down the fugitives. A spokesman for Gangsojo police said: “We have requested assistance from Interpol to track down suspects who fled abroad. We are currently questioning the arrested suspects about the motives and details of the crime and are considering filing a pretrial detention warrant.”

Investigators are currently working to determine whether the crime was planned by a larger criminal group or by an isolated attempt at theft. The group used tactical equipment such as body armor and cash counters. Found in the suspect’s room. This suggests a high level of preparation, and therefore the South Korean police have not ruled out the possibility of additional accomplices or links with organized crime.

Surveillance footage, digital communications records and immigration data from the hotel are all reviewed as part of the investigation.

Although legal in many jurisdictions, P2P crypto transactions often lack adequate security and become a target for bad actors.