A Russian man in his 20s has been arrested in South Korea after a failed attempt to steal nearly $730,000 in a staged cryptocurrency transaction. According to Seoul police, three Russian nationals posed as crypto traders to lure 10 Korean investors to a hotel in the Gangseo District on May 21.

Inside the hotel, two investors were invited into a room where the suspects ambushed them using a replica handgun, a baton, and cable ties. Wearing bulletproof vests, the attackers tried to steal 1 billion won in cash. One victim managed to escape and alert the authorities, forcing the suspects to flee before securing the money.

Police discovered a cache of items at the crime scene, including a money counter, replica weapons, batons, and tactical gear, pointing to a premeditated attack. A manhunt was launched, but two suspects had already left the country by the time travel restrictions were filed. South Korea has requested Interpol’s assistance to locate them internationally.

The arrested suspect was tracked down and detained in Busan on May 27. He is now facing charges of assault and attempted robbery, while authorities seek a pretrial detention warrant.

This incident adds to a growing list of violent crypto-related crimes. In recent weeks, there have been multiple reports of kidnapping and ransom cases linked to digital assets. One Manhattan investor is accused of torturing an Italian national to access his crypto wallet, and the family of a French crypto CEO was reportedly targeted in another attempted abduction.

Security concerns are rising across the crypto space, with firms like Infinite Risks International reporting a surge in demand for private protection services from wealthy investors and crypto executives. The rising value of digital assets is increasingly drawing the attention of criminals.