South Korean Police Uncover Major Money Laundering Scheme Involving Fake Cryptocurrency Platform

According to BlockBeats, South Korean authorities have uncovered a significant money laundering operation led by a former professional football player. The group is accused of using a fraudulent cryptocurrency trading platform to launder funds for 112 gambling websites, with the total amount involved reaching 1.1 trillion Korean won (approximately $756.8 million). The criminal organization operated between January 2022 and September 2023, employing corporate security program developers to create the fake trading platform. They utilized over 200 bank accounts to collect gambling funds from 66,802 members, profiting approximately 10 billion Korean won (around $6.88 million) by charging a 0.1% transaction fee. Additionally, the police discovered that the group used deepfake videos of celebrities to lure 80 minors into gambling activities. So far, eight individuals have been arrested, and 11 others have been indicted without detention.