[South Korean Police Bust Myeongdong Virtual Asset Money Laundering Ring, Seize Approximately 6 Billion Won in Criminal Proceeds] Deep Tide TechFlow reports that on March 20, according to Yonhap News Agency, the Seoul Jungnang Police Station announced on March 19, 2026, that they had dismantled a money laundering criminal ring primarily composed of family members and relatives. The group operated an unregistered virtual asset exchange in Myeongdong, Seoul, converting cash obtained from phone scams into Tether (USDT) and transferring it overseas, with the suspected money laundering scale reaching hundreds of billions of won. Additionally, the group exploited rising precious metal prices by purchasing gold through cross-border virtual asset transactions and then exporting it for arbitrage. A total of 19 suspects have been arrested, including the main money laundering perpetrator A (46 years old) and three others who have been detained. The head of the fraud organization, B (44 years old), has fled overseas, and police are currently pursuing him. Authorities have seized approximately 6 billion won in criminal proceeds, including cash, silver pellets, and gold bars.