Police Crack Down on Major Crypto Laundering Network
South Korean police have arrested 23 individuals accused of laundering cryptocurrency for a Cambodia-based criminal organization. The operation was conducted by the Seoul Metropolitan Police Agency following a lengthy investigation into cross-border financial crimes.
$11 Million in Illegal Funds Moved Through USDT
According to authorities, the group laundered 16.8 billion won ($11.1 million) between February 2024 and April 2025. The suspects allegedly purchased USDT and transferred funds through domestic and overseas cryptocurrency exchanges to conceal the origins of criminal proceeds.
Thousands of Accounts Linked to Fraud Activities
Investigators revealed that approximately 11,300 accounts were used in the laundering scheme. The accounts were connected to around $17 million in stolen funds tied to 265 phishing scams and fraudulent investment operations. Police believe the network played a key role in moving illicit funds across borders.
Authorities Seize Assets as Investigation Continues
South Korean police have seized 650 million won ($430,000) in criminal proceeds from the suspects. While two key members have been detained, the alleged mastermind remains on the run and is currently the subject of an Interpol Red Notice. Authorities also arrested 33 additional individuals for operating illegal USDT-based currency exchange services.
