South Korean police bust ring using Bitcoin for drug payments

South Korean police have arrested 40 people, including the operators of an illegal payment service that converted cash from drug buyers into virtual assets like Bitcoin, Kookmin Ilbo reported on May 14. The Busan Metropolitan Police Agency's Narcotics and International Crime Investigation Unit announced the arrests, which include six operators of the unregistered payment firm, two drug couriers, and 32 buyers and users. The ring allegedly facilitated drug transactions on Telegram from September of last year until April. Authorities have also moved to seize 105 million won (around $77,000) in criminal proceeds ahead of indictment.