South Korea uncovers a cryptocurrency money laundering case worth approximately $101.7 million

MarsBitNews · 2026-01-19T10:04:30+00:00

Korean customs recently uncovered an international money laundering network suspected of laundering approximately $101.7 million through cryptocurrency transactions. Three suspects have been handed over to prosecutors and charged with violating the Foreign Exchange Transactions Act. The network operated from 2021 to 2025, disguising legitimate expenses to transfer funds and dispersing them across multiple bank accounts to evade regulation.

MarsBitNews

2026-01-19 10:04:30

Abstract generation in progress

Breaking News from Mars Finance: According to The Block, the Korean Customs Department recently successfully dismantled an international illegal funds exchange network. The network is suspected of laundering approximately $101.7 million (1.489 billion KRW) through cryptocurrency transactions. According to Yonhap News Agency, the Korea Customs Service has handed over three suspects to the prosecution, charging them with violations of the Foreign Exchange Transactions Act. The money laundering network operated from September 2021 to June 2025, disguising transfers as legitimate expenses such as cosmetic surgery or tuition fees. After purchasing cryptocurrencies in multiple countries, the suspects transferred the assets to Korean wallets, exchanged them for local currency, and dispersed the funds across multiple Korean bank accounts to evade regulation.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.