S Korean Customs Service Busts ‘USDT-Gambling Ring’

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By BitcoinWiki News

Key Takeaways:

– South Korean law enforcers cracked down on a suspected international gambling ring that used USDT
– Seven people arrested in raids, one remanded in custody
– Charged with violating the Foreign Exchange Transactions Act
– Two suspected gambling ring members fled abroad
– Ring used social media to find customers for illegal gambling sites
– Converted money to USDT, amassing over $12 million worth of the stablecoin
– Used illegal gambling establishment in the Philippines to convert fiat to USDT
– Worked out of two secret offices in Seoul and Bonifacio Global City
– Leader set up multiple shell companies for arbitrage crypto trading
– Created fake documents to pretend to pay for imports
– Seoul-based customs officers confiscated materials related to illegal remittances and almost $182,000 in cash
– South Korean authorities have been cracking down on online gambling sites and illegal casinos for over a decade
– South Korea’s five biggest crypto exchanges to join financial regulators to hunt undeclared crypto operators
– Police in South Jeolla Province arrested a group of people suspected of duping 170 crypto investors by posing as crypto-issuing robot developers.


Title: South Korean Authorities Crack Down on Crypto-Powered Gambling Ring

Summary:
South Korean law enforcers have shut down a suspected international gambling ring that used USDT, resulting in the arrest of seven individuals. The group allegedly used social media channels to find customers for illegal gambling sites, converting the received money to USDT and amassing over $12 million worth of the USD-pegged stablecoin. The group paid gamblers their winnings in USDT tokens and used an illegal gambling establishment in the Philippines to convert fiat to USDT. They allegedly operated out of two secret offices in Seoul and Bonifacio Global City. The leader of the group also set up multiple shell companies for arbitrage crypto trading and created fake documents for imports. South Korean authorities have been cracking down on online gambling sites and illegal casinos for over a decade, with recent efforts also focused on undeclared crypto operators and individuals suspected of duping crypto investors.

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