South Korea Busts Crypto Laundering Network Tied to $11M Cambodian Scam

South Korean police referred 23 suspects to prosecutors on charges of money laundering linked to a Cambodia-based fraud network. The group moved $11.1 million (16.8 billion won) using the USDT stablecoin between February 2024 and April 2025, authorities said.

The suspects used USDT to transfer proceeds from the scam, which police said targeted victims through online investment fraud. Stablecoins like USDT let criminals move value across borders without traditional banking oversight. The transactions left a trail on the blockchain, which investigators traced.

South Korea's National Police Agency said the investigation involved cooperation with Cambodian authorities. The case adds to a growing list of crypto laundering busts in Asia, where regulators have stepped up enforcement.

The referral means prosecutors will decide whether to indict the suspects. No trial date has been set.