South Korea Cracks Down on $102 Million Crypto Laundering Scheme
South Korean authorities have dismantled an international money laundering network that allegedly laundered $101.7 million through cryptocurrency transactions. The Korea Customs Service (KCS) revealed the operation ran from September 2021 to June 2025, with suspects disguising illicit proceeds as legitimate expenses.
The scheme involved purchasing cryptocurrencies abroad, transferring them to South Korean wallets, converting to Korean Won, and dispersing funds through multiple bank accounts. This crackdown aligns with global regulatory efforts to curb crypto-related financial crimes.
South Korea's customs agency announced intensified inspections targeting illegal foreign exchange activities, part of broader measures to address a $290 billion discrepancy between bank-handled trade proceeds and customs values. The Financial Services Commission continues monitoring crypto market capitalization trends amid these developments.
