TechFlow news, October 27: According to Yonhap News Agency, a South Korean parliamentary investigation has found that transactions between the country's five major cryptocurrency exchanges and Cambodia's "Houyi Yuan Group"—sanctioned by the U.S. and UK—surged from 9.22 million KRW in 2023 to 12.8 billion KRW in 2024, an increase of nearly 1,400 times. Transactions were primarily conducted via the dollar-pegged stablecoin Tether (USDT), with Bithumb accounting for the largest share. The South Korean government is considering imposing financial sanctions on Cambodian criminal organizations to curb potential money laundering activities. Some exchanges have already severed ties with the group between March and May this year.
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