South Korea: Two Police Officers Indicted in $186 Million Cryptocurrency Laundering Case

BlockBeats News, November 28th, according to Decrypt, two South Korean police officers have been accused of receiving bribes from an illegal cryptocurrency exchange, with the total amount of money laundering involved reaching a staggering $186 million (approximately 249.6 billion South Korean won). Prosecutors have charged these two police officers with providing investigation intelligence to criminal gangs, assisting in unfreezing accounts, introducing lawyers, and connecting with other law enforcement officers in exchange for money. South Korean authorities have frozen about $1.1 million (15 billion won) in related assets.

The money laundering group, led by a mastermind in collaboration with CEO "A," recruited members from January to October 2024 and set up a cash exchange point disguised as a "gift voucher shop" in upscale areas such as Yeoksam-dong in Gangnam-gu, Seoul. They converted proceeds from voice phishing scams into USDT stablecoin. The shop even had warning signs saying "Beware of Voice Phishing" to mask their activities.