South Korea Dismantles Two Money-Laundering Organizations Linked to 14 Billion Won Telecom Fraud on June 16

According to Yonhap News, South Korea's Seoul Metro Police dismantled two money-laundering organizations linked to over 14 billion Korean won in telecom fraud on June 16. The first organization, composed of nine people including Chinese nationals, transferred USDT purchased from overseas exchanges across domestic and international platforms under instructions from a Cambodia-based fraud ring from February 2024 to April 2025, laundering approximately 14 billion won and collecting 6.5 billion won in commissions.

Two suspects were arrested, while the leader was flagged by Interpol with a red notice. Cases have been transferred to prosecutors, including charges against 33 individuals for providing unlicensed virtual currency exchange services to foreign visitors.