South Korean police have busted a virtual asset money laundering ring in Myeongdong, seizing approximately 6 billion won in illicit proceeds.

According to Yonhap News Agency, the Jungnang Police Station in Seoul announced the dismantling of a money laundering ring 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 USDT before transferring it overseas, with the suspected money laundering amounting to tens of billions of won. Furthermore, the group also profited from rising precious metal prices by purchasing gold across borders using virtual assets and then exporting it for arbitrage. Police arrested 19 suspects, including four individuals, including the ringleader A (46 years old), who have been detained. The ringleader B (44 years old) has fled overseas and is currently being pursued. Approximately 6 billion won in cash, silver balls, and gold bars have been seized as proceeds of the crime.