According to ChainCatcher, eight members of a criminal gang involved in a Chinese telephone fraud organization in South Korea were arrested by the police for assisting in converting criminal proceeds into cryptocurrencies. The police pointed out that the gang used fake bank accounts to launder money, converted 280 million won (about 208,000 US dollars) defrauded from six victims into cryptocurrencies, and transferred them to the Chinese organization, obtaining a handling fee of 10% to 40%.

It is reported that in order to avoid police investigation, members of the organization only communicated through Telegram.