South Korean police dismantle two virtual asset money laundering organizations involved in 14 billion won telecom scam funds

BlockBeats News. On June 16, according to a report by the Korea Yonhap News Agency, the Seoul Metropolitan Police Agency’s Wide-Area Crime Investigation Unit dismantled two organizations that used virtual assets to launder money. The total amount involved exceeded 14 billion Korean won. Among them, one organization was made up of 9 people, including Chinese national suspect A (45). It was instructed by a Cambodian telecom fraud group. From February 2024 to April 2025, the group purchased USDT through overseas exchanges and transferred it between exchanges inside and outside the country, laundering approximately 14 billion Korean won in total.

The organization collected a fee of 6.5 billion Korean won. The main suspects have been handed over to prosecutors; of them, 2 people have been arrested. The ringleader, Y (29), has had a Red Notice issued by INTERPOL. The other organization involved 14 people and directly participated in laundering proceeds from a Cambodian romance scam, with the amount involved at about 2.8 billion Korean won. In addition, 33 other people were handed over to prosecutors for allegedly providing unlicensed virtual currency exchange services to foreign tourists (involving 6.3 billion Korean won).