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South Korea Charges 23 Over Laundering $11.1M USDT From Cambodian Phishing Ring

Enforcement Actions Security Incidents

2026-06-16 11:52:08

According to Seoul Metropolitan Police, authorities charged 23 people and detained two key figures on charges related to laundering cryptocurrency proceeds from a Cambodia-based phishing operation. The group moved approximately $11.1 million (16.8 billion won) in USDT across domestic and overseas exchanges between February 2024 and April 2025, converting it to foreign currency or Korean won for a fee, police said. The alleged ringleader remains at large and is subject to an Interpol Red Notice. Investigators froze roughly $431,000 (650 million won) in proceeds and identified 265 phishing incidents linked to the network, totaling $17 million (25.7 billion won) in victim losses.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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