Two South Korean police officers are accused of assisting a criminal gang in operating cryptocurrency exchange points in a $186 million cryptocurrency money laundering case.

According to Odaily, South Korean prosecutors have indicted two police officers on charges including bribery and aiding and abetting money laundering, alleging that they assisted a criminal gang in a cryptocurrency money laundering case involving $186 million (approximately 249.6 billion won).

An investigation revealed that two police officers received monetary rewards from illegal cryptocurrency exchange operators and provided the group with investigative intelligence, assistance in unfreezing accounts, introductions to lawyers, and connections with other law enforcement personnel. Authorities have currently frozen approximately $1.1 million (1.5 billion won) in related assets.

The money laundering network involved in the case was jointly organized by a ringleader and a person claiming to be CEO, known as "A." Between January and October 2024, they recruited members and opened cash exchange points disguised as "gift certificate shops" in busy areas such as Yeoksam-dong in Gangnam-gu, Seoul, exchanging funds obtained through voice scams for USDT. To conceal their illegal activities, the exchange points even posted signs inside warning of "Beware of voice scams."

(Decrypt)