South Korea Refers Three to Prosecutors in $102M Crypto-Laundering Case

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South Korean customs authorities have busted an alleged international money laundering ring that processed nearly 149 billion won ($101.7 million) using cryptocurrency and domestic banks.

The Korea Customs Service (KCS) referred three individuals for prosecution on Monday for suspected Foreign Exchange Transactions Act violations.

The group allegedly moved funds from September 2021 to June 2025 under false pretenses—such as cosmetic surgery or tuition payments—by purchasing crypto abroad, transferring it to Korean wallets, cashing it out, and dispersing it through numerous bank accounts.

The bust is part of heightened scrutiny on illegal forex activity, following KCS’s announcement of year-round “intensive inspections” targeting underground exchanges that threaten exchange rate stability.