South Korean police have arrested 23 suspects in a USDT money laundering case involving 11.1 million dollars

According to The Block, the Criminal Investigation Department of the Seoul Police Agency in South Korea has arrested 23 suspects accused of laundering money for a Cambodian criminal organization, with the amount involved approximately 16.8 billion won (about 11.1 million USD). The gang transferred about 11.1 million USD in illegal funds by purchasing USDT and trading on domestic and international cryptocurrency exchanges from February 2024 to April 2025, using approximately 11,300 accounts for money laundering, involving about 265 cases of phishing and investment fraud, with the amount of illicit funds involved around 17 million USD. The Seoul police have seized approximately 650 million won (about 430,000 USD) in criminal proceeds from the suspects, but the gang leader is still at large and has been issued a red notice by Interpol.

The police also arrested 33 individuals on the same charges for illegally providing currency exchange services to tourists and acquaintances through USDT.