Eight members of a criminal gang involved in a Chinese phone scam in South Korea were arrested for money laundering and cryptocurrency exchange

ChainCatcher news, eight members of a criminal gang involved in a Chinese phone scam in South Korea were arrested by the police for assisting in converting criminal proceeds into cryptocurrency. The police pointed out that the gang used fake bank accounts for money laundering, converting 280 million won (approximately 208,000 USD) defrauded from six victims into cryptocurrency, which was then handed over to a Chinese organization, earning a commission of 10% to 40%.

It is reported that to avoid police investigation, the members of the organization only communicated through Telegram.