The Seoul Metropolitan Police Agency has referred 23 suspects to prosecutors, charging them with violations of the Foreign Exchange Transactions Act and financial reporting regulations. Investigators identified two primary figures, referred to as A and B, who allegedly executed instructions from an overseas ringleader to shuffle assets between domestic and international exchanges between February 2024 and April 2025. This operation successfully masked 265 separate instances of voice phishing and investment scams totaling approximately $17 million.
In a parallel crackdown, police arrested 33 additional individuals for operating unauthorized currency exchange services. These suspects allegedly laundered 6.3 billion won, or $4.2 million, by converting fiat currency into USDT for tourists and private clients. While authorities have secured seizure orders for 650 million won in assets, the suspected mastermind remains at large with an active Interpol Red Notice. The investigation highlights a broader push by Korean law enforcement to tighten oversight of stablecoin movements, bolstered by new training partnerships with blockchain analytics firms to combat the rising tide of cross-border digital asset crime.
Comments (0)
No comments yet. Be the first!