BlockBeats News, June 16. The Seoul Metropolitan Police Department in South Korea recently arrested 23 suspects, accusing them of providing money laundering services to a Cambodian phishing crime syndicate in exchange for cryptocurrency, involving approximately $111 million (approximately 168 billion South Korean Won).

The investigation revealed that the group, from February 2024 to April 2025, laundered proceeds from fraud and investment scams by purchasing USDT and transferring funds frequently between Korean and overseas exchanges, totaling about 265 cases and around 11,300 bank and transaction accounts.

The police stated that the network utilized a sophisticated multi-layered account structure and cross-border transactions to disperse and consolidate illicit funds. Approximately $650,000 (approximately 43 million South Korean Won) in illicit funds have been frozen, but the key mastermind remains at large and has been placed on the Interpol's Red Notice list.

Furthermore, the police also arrested 33 individuals providing illegal foreign exchange services, who similarly used USDT for underground money exchange operations among tourists and acquaintances to facilitate fund circulation and evade regulation.