[South Korean Police Uncover $111 Million USDT Money Laundering Case, Arrest 23 People Linked to Cambodian Fraud Syndicate] BlockBeats reports that on June 16, the Seoul Metropolitan Police Agency in South Korea recently arrested 23 suspects accused of providing cryptocurrency money laundering services for a Cambodian phishing crime organization. The case involves approximately $111 million (about 168 billion KRW). Investigations revealed that between February 2024 and April 2025, the group laundered illicit proceeds from fraud and investment scams by purchasing USDT and frequently transferring funds between domestic and international trading platforms. The operation spanned approximately 265 cases and involved around 11,300 bank and trading accounts. Police stated that the network dispersed and reassembled criminal funds through a complex multi-layered account structure and cross-border transactions. Approximately 650 million KRW (about $430,000) in illicit funds have been seized, but the key ringleader remains at large and has been placed on Interpol's Red Notice list. Additionally, police arrested 33 individuals who provided illegal foreign exchange services. These individuals also used USDT to conduct underground currency exchange operations among tourists and acquaintances, facilitating fund transfers and evading regulatory oversight. [Original Link]