According to a report from Coin World Network, citing the Korean Yonhap News Agency, the Seoul Metropolitan Police Agency’s Wide-Area Crime Investigation Unit said it has transferred more than 20 people from two organizations suspected of using cryptocurrency to launder proceeds from phishing scams to the prosecution.

One group is suspected of purchasing and transferring USDT through cryptocurrency exchanges in South Korea and overseas to launder funds for a Cambodia-based phishing scam organization. The illegal currency exchange amount involved is about 14 billion South Korean won (about US$10.1 million), and the group is also said to have charged a fee of about 650 million South Korean won (about US$470,000). Another group of 14 people is suspected of laundering money by using about 2.8 billion South Korean won (about US$2 million) in criminal proceeds to buy USDT and then transfer it to an overseas exchange.

The police also transferred 33 people suspected of operating an unregistered currency exchange business involving about 6.3 billion South Korean won (about US$4.5 million) to the prosecution.