Korean Police Bust Myeongdong Virtual Asset Money Laundering Ring, Seizing Approximately 6 Billion Won in Criminal Proceeds

DeepFlowTech · 2026-03-20T00:20:31+00:00

Seoul police dismantled a criminal organization involved in money laundering. The gang converted cash obtained from telephone fraud into Tether (USDT) through unregistered virtual asset exchanges, then transferred the funds overseas to launder money totaling hundreds of billions of Korean won. Police arrested 19 individuals and seized approximately 6 billion Korean won in illegal proceeds.

DeepFlowTech

2026-03-20 00:20:31

Abstract generation in progress

Deep Tide TechFlow News, March 20 — According to South Korea’s Yonhap News Agency, Seoul Jungnang Police Station announced on March 19, 2026, that they have cracked a money laundering criminal group primarily composed of family members and relatives. The group operated an unregistered virtual asset exchange in Myeongdong, Seoul, converting cash from phone scams into Tether (USDT) and transferring the funds overseas. The suspected money laundering scale amounts to hundreds of billions of Korean won.

Additionally, the group exploited rising precious metal prices by cross-border purchasing gold with virtual assets and then exporting it for arbitrage. Police arrested 19 suspects in total, including the main money laundering offender A (46 years old) and four others who have been detained. The organization’s leader B (44 years old) has fled overseas, and authorities are currently pursuing him. So far, about 6 billion Korean won worth of criminal proceeds, including cash, silver balls, and gold bars, have been seized.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.