The Seoul Metropolitan Police Agency has referred 23 suspects to prosecutors, charging them with violations of the Foreign Exchange Transactions Act and financial reporting regulations. Investigators identified two primary figures, referred to as A and B, who allegedly executed instructions from an overseas ringleader to shuffle assets between domestic and international exchanges between February 2024 and April 2025. This operation successfully masked 265 separate instances of voice phishing and investment scams totaling approximately $17 million.
In section Cryptocurrency
South Korean Police Bust $11 Million USDT Laundering Ring
South Korean authorities have dismantled a sophisticated money-laundering network that funneled 16.8 billion won, roughly $11.1 million, through USDT transactions. Operating on behalf of a Cambodia-based phishing syndicate, the group utilized over 11,300 accounts to disguise the origins of funds stolen from victims of investment fraud.
In a parallel crackdown, police arrested 33 additional individuals for operating unauthorized currency exchange services. These suspects allegedly laundered 6.3 billion won, or $4.2 million, by converting fiat currency into USDT for tourists and private clients. While authorities have secured seizure orders for 650 million won in assets, the suspected mastermind remains at large with an active Interpol Red Notice. The investigation highlights a broader push by Korean law enforcement to tighten oversight of stablecoin movements, bolstered by new training partnerships with blockchain analytics firms to combat the rising tide of cross-border digital asset crime.
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