The financial transactions between South Korean cryptocurrency exchanges and Cambodian criminal organizations have surged by 1,400 times

ChainCatcher news, according to Yonhap News Agency, the South Korean National Assembly investigation found that the financial transactions between the five major domestic cryptocurrency exchanges and the Cambodia-based "Post-Yi Yuan Group," which is sanctioned by the US and UK, surged from 9.22 million Korean won in 2023 to 12.8 billion Korean won in 2024, an increase of nearly 1400 times. The transactions were mainly conducted through the US dollar stablecoin Tether (USDT), with Bithumb exchange having the largest share.

The South Korean government is considering implementing financial sanctions against the Cambodian criminal organization to curb potential money laundering activities. Some exchanges have cut off their dealings with the organization from March to May of this year.