A violent crime in Jeju City, South Korea, has highlighted the dangers of cryptocurrency transactions conducted in unregulated settings. A Chinese man in his 30s was found dead in a luxury hotel room on February 24 after suffering multiple stab wounds.

Authorities believe the murder was linked to a crypto transaction gone wrong.

Four Arrested After Deadly Hotel Attack

According to a report by the Korean news agency, The Chosun Daily, the victim had gone to the hotel to complete a deal involving digital currency but was instead attacked and robbed of 85 million won, which is worth approximately $63,000, in cash.

Following an investigation, the Jeju West Police Station arrested four Chinese nationals suspected of involvement in the crime. Among them are two men, one in his 30s and another in his 60s, along with two women in their 30s. The case came to light when an acquaintance of the victim was unable to reach him and alerted the police at 5:10 PM on the day of the incident.

Upon arrival, officers discovered the victim deceased at the scene. One of the suspects later surrendered to the police in Seogwipo, while the other three were apprehended separately – one at the airport and another at a hotel-casino.

Authorities are now working to determine the exact motive behind the crime and the circumstances leading up to the fatal encounter. The incident has raised concerns about growing attacks on crypto investors.

Growing Attacks On Crypto Investors

Casa platform co-founder Jameson Lopp’s archive indicates that approximately 10 physical attacks targeting Bitcoin holders have occurred across the world this year alone. His record highlights an alarming trend of increasing violence against individuals with Bitcoin and other crypto assets, though it does not capture all incidents, as many go unreported.

Ledger co-founder David Balland and his wife were abducted on January 21 and taken to an unknown location, where kidnappers demanded a ransom in cryptocurrency. A police operation led to their safe rescue three days later.