Seoul police have detained a group suspected of laundering the criminal proceeds of a Cambodian crime organization through cryptocurrency. This was reported by Seoul Economic Daily, citing a briefing by the financial crimes unit.
According to police, 23 suspects have been detained. Two key figures have been arrested. The group laundered the proceeds of a phishing organization based in Cambodia through tracked and prohibited cryptocurrency exchanges.
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How the scheme worked
The investigation identified three lines of criminal activity. According to police, nine people led by suspect A, from February 2024 to April 2026, on the instructions of suspect Y, who was located in Cambodia, received Tether (USDT) on prohibited exchanges totaling about 14 billion won (approximately $9.2 million).
The group bought and transferred USDT and then paid out the funds in foreign or national currency. According to police estimates, 14 people, including suspect A and suspect J, conducted about 24,500 illegal exchange transactions over the same period totaling more than 16.8 billion won (about $11.1 million).
An analysis of approximately 11,300 linked accounts revealed losses across 265 cases of phishing and investment fraud totaling about 25.7 billion won (approximately $17 million). Police seized criminal proceeds of 650 million won (about $430,000) from the suspects.
A separate group of money changers and the search for the ringleader
On the same charges, police detained another 33 people who illegally provided currency exchange services to tourists and acquaintances through USDT. According to the investigation, this group exchanged about 6.3 billion won (approximately $4.1 million).
Source: BeInCrypto
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