South Korea Cracks Major Crypto Money Laundering Case Worth Over $100 Million
According to Yonhap News, South Korean customs authorities have successfully dismantled an international illegal fund transfer network involving approximately $101.7 million in cryptocurrency transactions. The operation, active from September 2021 to June 2025, has led to the indictment of three suspects for alleged violations of the Foreign Exchange Transaction Act.
The criminals disguised illicit transfers as legitimate payments, including tuition fees and plastic surgery expenses, to move funds across borders without raising suspicion.
How the Scheme Operated
The group employed a sophisticated method to evade regulatory oversight. They initially acquired crypto assets from various jurisdictions, transferred them into domestic wallets, and then converted them into South Korean won. The proceeds were then distributed across multiple local bank accounts to obscure the financial trail.
This case highlights South Korea’s growing capability in combating financial crime, particularly in the evolving domain of digital asset regulation.
- Amount Involved: $101.7 million
- Operation Period: September 2021 – June 2025
- Techniques Used: Fabricated legitimate transactions, crypto transfers, and fund dispersion