Gate News reports that on March 19, South Korean police arrested 19 members of a scam group suspected of laundering money through unregistered virtual asset exchanges, with 4 individuals officially detained. The group primarily consists of relatives and operates an unregistered virtual asset company in Myeongdong, Seoul. They convert the scam proceeds into USDT and transfer the funds overseas, with suspected money laundering amounts reaching hundreds of billions of Korean won (tens of millions of dollars). Authorities conducted searches at the group’s residences and business locations, seizing approximately 6 billion won (USD 4.02 million) in criminal proceeds, including about 4.05 billion won (USD 2.71 million) in cash, 210 kilograms of silver beads valued at 1.5 billion won (USD 1.01 million), and gold bars worth 500 million won (about USD 340,000). The investigation also revealed that the group used the guise of paying for precious metal imports to convert virtual assets into Korean won, then purchased gold domestically for export.
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