The financial transactions between South Korean virtual currency exchanges and Cambodian criminal organizations have surged by 1,400 times

ChainCatcher news reports that a South Korean parliamentary investigation has found that the financial transactions between the country's five major cryptocurrency exchanges and the Cambodia-based "Post-Yuan Group," which is sanctioned by the US and UK, surged from 9.22 million Korean won in 2023 to 12.8 billion Korean won in 2024, an increase of nearly 1,400 times. The transactions are primarily conducted through the US dollar stablecoin Tether (USDT), with Bithumb exchange having the largest share.

The South Korean government is considering implementing financial sanctions against the Cambodian criminal organization to curb potential money laundering activities. Some exchanges have cut off their dealings with the organization between March and May of this year.