According to BlockBeats, two South Korean police officers have been accused of accepting bribes from an illegal cryptocurrency exchange, with the total amount of money laundering involved reaching $1.86 billion (approximately 2.496 trillion Korean won). Prosecutors allege that the officers provided criminal groups with investigative intelligence, assisted in unfreezing accounts, introduced lawyers, and connected them with other law enforcement personnel in exchange for financial compensation. South Korean authorities have frozen related assets worth about $1.1 million (1.5 billion Korean won).
The money laundering operation was orchestrated by a main perpetrator in collaboration with a CEO known as "A." Between January and October 2024, they recruited members to establish cash-to-cryptocurrency exchange points disguised as "gift voucher shops" in bustling areas like Yeoksam-dong, Gangnam District, Seoul. These locations were used to convert proceeds from voice phishing scams into the stablecoin USDT. To avoid suspicion, the shops even displayed warnings against voice phishing scams.