Decrypt·11h ago·negative

South Korea Charges 23 for Laundering $11 Million in Crypto for Cambodia Phishing Ring

South Korean police arrested 23 suspects who moved $11.1 million in USDT for a Cambodia-based phishing group. The alleged ringleader is at large under an Interpol Red Notice, and Chainalysis warns Southeast Asian scam networks remain resilient.

The group moved $11.1 million (16.8 billion won) in USDT between February 2024 and April 2025
Two key figures were detained; the suspected ringleader is wanted via Interpol Red Notice
Police reviewed over 11,300 linked accounts and found 265 phishing victims totaling $17 million in losses
Chainalysis says Southeast Asian scam networks keep relocating and adapting despite record enforcement actions
Police warned that acting as an agent for crypto exchanges can also be punishable under Korean law

scamsregulationImpact 5/10

Why our editor rated this negative

Crypto continues to be used as a laundering vehicle for organized phishing scams, highlighting ongoing illicit finance risks that damage the industry's reputation.

Read the full story at Decrypt

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