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A Chinese national has been apprehended by the police after defrauding two individuals of 410 million won in cash by falsely promising to exchange it for virtual assets.

According to a comprehensive report by Yonhap News on the 20th, the Seoul Jungbu Police Station has booked Mr. A, a Chinese national in his 30s, on charges of theft.

Mr. A is suspected of having deceived two individuals, whom he met through an acquaintance, in front of the Shilla Duty Free Shop Seoul Main Branch in Jung-gu around 8 p.m. the previous day. He allegedly promised to exchange their cash for the stablecoin Tether, took a bag containing 410 million won in cash, and fled.

Investigations revealed that Mr. A did not send the Tether after taking the cash.

Upon receiving the report, the police were dispatched and made an emergency arrest of Mr. A in the vicinity of the crime scene. The full amount of the stolen funds is reportedly recovered.