South Korean police arrest 23 individuals in $11 million USDT laundering case: report
South Korean police have arrested a group of individuals accused of laundering cryptocurrency for a Cambodian criminal organization, local news outlets reported Tuesday.
According to a report from Newsis, the Seoul Metropolitan Police Agency’s criminal investigative division said it has arrested 23 suspects, including two key individuals, and detained them.
The police reportedly said the group allegedly laundered criminal proceeds of a Cambodia-based phishing organization through domestic and overseas cryptocurrency exchanges.
From February 2024 to April 2025, the group reportedly moved 16.8 billion won ($11.1 million) in illegal funds by purchasing USDT and transacting on the exchanges. Police said around 11,300 accounts were used for money laundering, linked to roughly $17 million worth of stolen funds across 265 cases of phishing and investment scams.
According to the news report, the Seoul police have seized 650 million won ($430,000) worth of criminal proceeds from the suspects. The group's ringleader, however, remains at large and is subject to an Interpol Red Notice.
Additionally, the police arrested 33 other individuals who illegally provided currency exchange services for tourists and acquaintances through USDT with the same charges.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Indian Rupee: RBI liquidity withdrawal tempers risks – Commerzbank
Japanese companies rarely complain about weak yen! Exchange rate volatility is “harmful” and yen weakness may cause chaos in financial markets
Japanese corporate executives are calling for a stronger yen, including companies that have benefited from the yen's weakness.
After the Federal Reserve released hawkish signals, Goldman Sachs changed its stance: expects another 25 basis point hike in October
Goldman Sachs’ core rationale for including a rate hike in October as its baseline scenario is that since the Federal Reserve has characterized this hike as a move to "more promptly return" to the 2% target, following up in consecutive meetings is more natural than skipping meetings between hikes. However, Goldman Sachs believes that additional rate hikes beyond two are not part of the baseline scenario, mainly because its own inflation forecasts are lower than the median projections of Federal Reserve members.
Morgan Stanley: China's advanced packaging will reach 100 billion in 2029, equipment vendors outperform testing factories, ACM Research (ACMR.US) as top recommendation
Morgan Stanley released a research report stating that advanced packaging in China remains a long-term growth track driven by AI, but there is a divergence between industry scale growth and the profit growth of packaging and testing companies.
Crypto prices
More
