According to South Korean Yonhap News Agency, the Seoul Metropolitan Police Agency's Wide-Area Crime Investigation Team stated that more than 20 individuals involved in two organizations suspected of using cryptocurrencies to launder proceeds from phishing scams have been forwarded to prosecutors.


One group is suspected of purchasing and transferring USDT through Korean and overseas cryptocurrency exchanges to launder funds for a phishing scam organization based in Cambodia, involving illegal currency exchange amounts of about 14 billion Korean won (approximately $10.1 million), and charging about 650 million Korean won (approximately $470k) in fees;
The other group of 14 people is suspected of using about 470k Korean won (approximately $2 million) in criminal proceeds to buy USDT and then transferring it to overseas exchanges for money laundering.
The police also forwarded 33 individuals suspected of operating unregistered currency exchange businesses involving about 6.3 billion Korean won (approximately $4.5 million) to prosecutors.
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MorningLightInAGlassBottle
· 7h ago
USDT: Who did I offend? It's another day of being used for money laundering.
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HalfLifeHodler
· 8h ago
Two groups use different methods: one buys coins and transfers them, while the other directly exchanges currency, indicating that money-laundering routes are also evolving.
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L2Sprinter
· 8h ago
Cambodian outposts + local cooperation in South Korea, the upstream and downstream division of labor in cross-border phishing scams is becoming more detailed.
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GateUser-8da82d63
· 8h ago
The Korean police's move this time is impressive; they've uncovered the entire money laundering chain worth 14 billion Korean won. USDT has truly become the favorite of criminals.
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GateUser-9187acf1
· 8h ago
33 unregistered currency exchanges have also been arrested; it seems South Korea is aiming to crack down on the entire underground funding channels.
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RiskParityKid
· 8h ago
Taking 470k in fees from 14 billion, the ratio isn't really high; it's mainly about volume.
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GateUser-3f3455c7
· 8h ago
650 million Korean won in fees, this profit margin is even higher than legitimate exchanges, black market profits are indeed huge.
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