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.

South Korean prosecutors have indicted two police officers on charges of bribery and aiding and abetting money laundering, alleging they assisted a criminal gang in a cryptocurrency money laundering case involving $186 million (approximately 249.6 billion won). The investigation revealed that the two officers received monetary rewards from illegal cryptocurrency exchange points and provided the gang 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 was organized by a ringleader and a person claiming to be CEO, "A." Between January and October 2024, they recruited members and operated 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 warning against voice scams. (Decrypt)