The South Korean police recently launched a large-scale operation, successfully apprehending eight individuals suspected of being involved in a Chinese phone scam syndicate. The suspects were accused of assisting in the conversion of fraud proceeds into cryptocurrencies and carrying out intricate financial operations to transfer illegal funds to partners in China. It was found that the gang utilized fake bank accounts for money laundering purposes. A substantial amount of the KRW 280 million (approximately USD 2.08 million) fraudulently acquired from six victims was converted into cryptocurrencies and eventually ended up in the hands of the Chinese scam organization, which charged a 10%-40% fee as compensation. To avoid police tracking, the group members only communicated through Telegram and similar instant messaging software, making the investigation a challenge. These acts of malfeasance not only seriously undermine the financial safety of the victims but also pose a potential risk to the financial stability of South Korea and the global community. Currently, the arrested suspects have been formally charged, and the case is undergoing further proceedings to expose more of the hidden activities, advocate for the rights of the victims, and raise awareness about the severity of telecom scams and money laundering.