South Korean authorities have announced the dismantling of an international money laundering operation that allegedly used cryptocurrency to move approximately $101.7 million (₩140 billion) over nearly four years.
Operational Details:
The network, active from September 2021 to June 2025, disguised illicit fund flows as payments for legitimate services, such as cosmetic surgery procedures or tuition fees, to avoid detection.
Laundering Method:
1. The suspects purchased cryptocurrency assets in multiple foreign jurisdictions.
2. These assets were transferred to digital wallets controlled within South Korea.
3. The crypto was converted into Korean Won (KRW) on local exchanges.
4. The fiat proceeds were distributed across numerous domestic bank accounts to further obscure their origin and evade financial monitoring systems.
Legal Action:
Three individuals involved in the scheme have been handed over to prosecutors on charges of violating the Foreign Exchange Transactions Act. The investigation highlights South Korea's intensified focus on cross-border crypto-related financial crime and regulatory compliance within its digital asset sector. $BTC $ETH $BNB #CryptoNews
