TechFlow News, March 20: According to Yonhap News Agency, Seoul Jungnang Police Station announced on March 19, 2026, that it had dismantled a money laundering syndicate composed primarily of family members and relatives. The group operated an unregistered virtual asset exchange in Myeongdong, Seoul, converting cash obtained from telephone scams into Tether (USDT) before transferring the funds overseas. The suspected money laundering amount totals several hundred billion Korean won.
Additionally, the group exploited rising precious metal prices by purchasing gold across borders using virtual assets and then exporting it for arbitrage profits. Police have arrested 19 suspects; among them, four—including A (46), the alleged mastermind of the money laundering operation—have been detained. The overall ringleader of the fraud organization, B (44), has fled overseas, and police are currently pursuing him. Authorities have seized illicit proceeds totaling approximately 60 billion Korean won, including cash, silver balls, and gold bars.
