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.
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