South Korea has cracked a cryptocurrency money laundering case worth approximately 101.7 million dollars

According to The Block, South Korean customs authorities recently successfully dismantled an international illegal currency exchange network that is suspected of laundering approximately $101.7 million (148.9 billion won) through cryptocurrency transactions. According to Yonhap News Agency, the Korea Customs Service has referred three suspects to prosecutors, accusing them of violating the Foreign Exchange Transaction Act.

This money laundering network operated from September 2021 to June 2025, transferring funds disguised as legitimate expenses such as cosmetic surgery or tuition fees. The suspects purchased multi-national crypto assets, transferred them to South Korean wallets, exchanged them for local currency, and dispersed them to multiple South Korean bank accounts to evade regulation.