South Korea Charges 23 Over Crypto Laundering Tied to $11M Cambodian Scam Ring
South Korean police arrested and referred dozens of suspects in a crypto laundering ring tied to a Cambodia-based phishing network. The group allegedly exchanged about $4.1 million in crypto illegally and moved roughly $11.1 million between February 2024 and April 2025 by buying USDT, routing it through domestic and overseas exchanges, then cashing out for foreign currency or won. Police said 265 phishing cases linked to more than 11,300 accounts caused about $17 million in losses, and they froze about $431,000 in proceeds. The suspected ringleader remains at large under an Interpol Red Notice. A Chainalysis expert said scam compounds in Southeast Asia remain a persistent threat despite enforcement, because networks are flexible and quickly replace disrupted laundering services. Stablecoins like USDT are favored for their liquidity and portability, though transactions remain traceable and issuers can freeze funds. Global agencies and governments have stepped up pressure, but the ecosystem continues to adapt across borders.
