South Korean Court Jails 2 Members of Cross-border USDT Cash Laundering Ring
A South Korean court has imprisoned 2 Vietnamese nationals for using Tether (USDT) to power a cross-border money laundering scheme. The court discovered both individuals guilty of breaching the Special Act on Avoidance of Telecommunications and Financial Scams and Refund of Damages. Prosecutors explained that Duong and Pham initially made contact with the voice phishing fraud ring in October last year. The ring recruited both via a Telegram open chat space. The ring’s organizers informed Duong and Pham that they were to get the profits of voice phishing rip-offs in Korean won. The duo was then instructed to use this money to buy USDT, which they then sent out to a crypto wallet held by a member of a voice phishing gang who was living in Vietnam. The ring paid both Duong and Pham commission fees of 50,000 won ($36.44) to 100,000 won ($72.88) per 10 million won ($7,288) worth of USDT they sent.
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‘Hash Sentence Inescapable,’ Judge Explains
The court heard that the voice phishing ring succeeded in duping South Korea-based victims out of thousands of dollars’ worth of money transfers. The ring’s employees called people pretending to be credit card delivery employees, insurance coverage business staff members, National Tax Service staffers, and even public prosecutors. They typically told potential victims that they were calling to examine the security of their bank accounts. The ring used a variety of cash laundering methods, utilizing other accomplices from Uzbekistan and Vietnam. The judge said that the court had not handed out a harsher sentence since neither of the defendants had criminal records in South Korea.
