In brief – South Korean police referred 23 suspects and detained two key figures over laundering crypto proceeds from a Cambodia-based phishing group. – The crew allegedly moved $11.1 million (16.8 billion won) in USDT across exchanges, with the suspected ringleader still at…
rge under an Interpol Red Notice. – Chainalysis says Southeast Asian scam networks keep adapting despite record seizures, warning the broader illicit ecosystem remains resilient. South Korean police have rounded up dozens of people accused of laundering money for a Cambodia-based phishing operation through crypto, as a Chainalysis expert warns that the scam-compound ecosystem in Southeast Asia remains a “persistent concern” despite years of enforcement against criminal networks
The Seoul Metropolitan Police Agency’s crime investigation division said that it had referred 23 suspects on charges including breaches of the Foreign Exchange Transactions Act and the Specific Financial Information Act, detaining two figures identified only as A and B, according to a local media report. The sweep netted 33 additional suspects accused of illegally exchanging $4.1 million (6.3 billion won) in crypto, while the alleged ringleader, identified only as C, remains at large and is now the subject of an Interpol Red Notice. Investigators also locked down roughly $431,000 (650 million won) in proceeds through pre-indictment confiscation.
Acting on C’s orders, the group moved about $11.1 million (16.8 billion won) between February 2024 and April 2025 by buying the USDT stablecoin, bouncing it between domestic and overseas exchanges, then cashing out into foreign currency or won for a fee, police said. A review of more than 11,300 linked accounts surfaced 265 instances of phishing harm, spanning voice phishing and investment fraud, worth $17 million (25.7 billion won). Police urged ordinary users to tread carefully, warning that “acting as an agent for another person’s virtual asset trading or exchanging virtual…