South Korea Uncovers $101M Crypto-Laundering Ring Exploiting FX Loopholes
South Korean authorities have dismantled a sophisticated money laundering network that allegedly moved $101.7 million through cryptocurrency transactions and falsified foreign exchange documents. The operation, active from 2021 to 2025, exploited cosmetic surgery and education payments as cover for illicit cross-border transfers.
Customs officials identified three suspects who purchased cryptocurrencies abroad, funneled them into Korean wallets, and converted them to local currency. The scheme highlights growing regulatory concerns as crypto markets expand and abnormal forex activity intensifies.
This case marks the latest crackdown on crypto-enabled financial crime in Asia's fourth-largest economy, where authorities are tightening oversight of digital asset transactions. The Korea Customs Service has referred the matter to prosecutors for violations of the Foreign Exchange Transactions Act.
