Tracking the Huivang money laundering case: South Korea raids exchange South Korean police recently revealed that on October 15, they raided South Korea's largest cryptocurrency exchange, Upbit, to investigate money laundering channels linked to Cambodia's Huivang Group and obtain records of crypto deposits and withdrawals related to Huivang Guarantee. On March 7 this year, Upbit identified money laundering risks through internal monitoring and reported 205 users to the police. These users transferred virtual assets between Upbit and Huivang Guarantee, with a total amount of approximately 200 million KRW, accounting for about 3% of the total transaction volume between domestic exchanges in South Korea and Huivang Guarantee.