BlockBeats report: On June 16, the Seoul Metropolitan Police Agency arrested 23 suspects accused of providing cryptocurrency money laundering services to a phishing criminal organization in Cambodia, with涉案金额 approximately $111 million (approximately 16.8 billion Korean won).
The investigation revealed that, between February 2024 and April 2025, the group laundered illicit proceeds from fraud and investment scams by purchasing USDT and frequently transferring funds between exchanges in South Korea and overseas, involving approximately 265 cases and around 11,300 bank and trading accounts.
Police stated that the network dispersed and reconsolidated illicit funds through a complex multi-layered account structure and cross-border transactions, with approximately 650 million Korean won (about $430,000) in illicit proceeds seized; however, the key suspects remain at large and have been added to the INTERPOL Red Notice list.
In addition, the police arrested 33 individuals who provided illegal foreign exchange services, using USDT to conduct underground fund transfers among tourists and acquaintances to facilitate money movement and evade regulation.