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.

ChainCatcher news, according to the report from the Traffic Police Brigade of the Public Security Bureau of Linyi City, the team recently dismantled a criminal gang that was laundering money for fraudsters, arresting 4 criminal suspects. On July 1, after receiving a tip from a local resident, Ms. Li, about a possible investment fraud, the police immediately contacted her. Ms. Li admitted that a month ago she was lured by a "successful man" to recharge over 600,000 yuan on a fake investment platform.The police identified the suspects and pursued them overnight for over 1,500 kilometers, successfully capturing suspects Li and Qiu in Changning, Hunan. Subsequently, they successfully apprehended Zeng and Miao, who were counting cash, on the outskirts of Tancheng.Investigations revealed that this criminal gang used virtual currency trading methods to conspire multiple times with overseas fraud suspects to transfer the scammed funds, illegally profiting over 50,000 yuan from it.