The South Korean police have dismantled a virtual asset money laundering gang in Myeongdong, seizing approximately 6 billion won in criminal proceeds

According to a report by the Korea Unified News Agency, the Jongno Police Station in Seoul announced the dismantling of a money laundering crime group primarily composed of family members and relatives.

The group operated an unregistered virtual asset exchange in Myeongdong, Seoul, converting cash obtained from telephone scams into Tether (USDT) and then transferring it overseas, with the money laundering scale reaching hundreds of billions of Korean won.

In addition, the group also took advantage of rising precious metal prices to purchase gold through virtual assets across borders and then exported it for profit. The police have arrested 19 suspects, including the main money laundering perpetrator A (46 years old) and three others who have been detained. The overall leader of the scam organization, B (44 years old), has fled overseas, and the police are in pursuit. Currently, cash, silver balls, and gold bars totaling approximately 6 billion Korean won have been seized as criminal proceeds.