South Korean parliamentary investigation found that the funds between the top five domestic virtual currency exchanges and the Cambodian "Post Easy Money Group" 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 are mainly conducted through the stablecoin Tether (USDT), with Bithumb exchange accounting for the largest share. The South Korean government is considering imposing financial sanctions on the Cambodian criminal organization to curb potential money laundering activities. Some exchanges have already cut off ties with the organization from March to May this year.
