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Korean police bust a USDT money-laundering case involving 111 million tokens, arresting 23 people tied to a funding network for a Cambodia scam group
BlockBeats News, June 16 — In recent days, the Seoul Local Police Department of South Korea arrested 23 suspects, accusing them of providing cryptocurrency money laundering services to a Cambodia phishing crime organization. The amount involved is approximately $111 million USD (about 16.8 billion KRW).
An investigation shows that between February 2024 and April 2025, the group laundered illegal proceeds from scams and investment fraud by purchasing USDT and frequently transferring funds between trading platforms in South Korea and overseas. The operation involved a cumulative total of about 265 cases and about 11,300 bank and trading accounts.
The police said the network dispersed and then reassembled criminal funds through a complex multi-layer account structure and cross-border transactions. About 650 million KRW (about $430,000 USD) in illicit proceeds have been seized, but the masterminds are still at large and have been listed on the International Criminal Police Organization (Interpol) Red Notice.
In addition, the police also arrested 33 people who provided illegal foreign exchange conversion services. They likewise used USDT to conduct underground currency exchange operations among tourists and acquaintances, to assist in fund transfers and evade regulation.