South Korean police smashed two organizations that used virtual assets to launder money involving 14 billion won in telecom fraud funds

According to Yonhap News Agency, the wide-area criminal search team of the Seoul Police Department of South Korea smashed two organizations that used virtual assets to launder money, involving a total amount of more than 14 billion won. One of the organizations consists of 9 people including China suspect A (aged 45). It was instructed by a Cambodia telecommunications fraud gang. From February 2024 to April 2025, USDT purchased through overseas exchanges and transferred between domestic and overseas exchanges, laundering a total of approximately 14 billion won. The organization collected a handling fee of 650 million won. Currently, the main suspects have been transferred to the prosecution, two of whom have been arrested. Leader Y (29 years old) has been issued a red wanted notice by Interpol. Another organization of 14 people directly participated in the laundering of stolen money from the romance scam in Cambodia, involving an amount of approximately 2.8 billion won. In addition, another 33 people were transferred to prosecutors on suspicion of providing unlicensed virtual currency exchange services to foreign tourists (involving 6.3 billion won).