USDT Money Laundering Ring in South Korea: Two Police Officers Charged Over $186 Million Bribe Scheme

According to Decrypt, two South Korean police officers stand accused of taking bribes from an illegal cryptocurrency exchange, with money laundering totals reaching as high as $186 million (about KRW 249.6 billion). Prosecutors allege they provided investigation intelligence to criminal networks, assisted in unfreezing accounts, referred lawyers, and liaised with fellow officers in exchange for payments. Authorities have frozen roughly $1.1 million in related assets.

The operation was led by a mastermind in collaboration with CEO “A” and ran January–October 2024. The group operated a cash exchange point disguised as a gift voucher shop in Yeoksam-dong, Gangnam-gu, Seoul, converting proceeds from voice phishing into USDT. The storefront posted warnings to deter suspicion, including “Beware of Voice Phishing.” The case highlights ongoing cryptocurrency crime risks and the need for enhanced financial-crime oversight.