TechFlow news, January 19 — According to The Block, South Korea's customs authorities have recently dismantled an international illegal currency exchange network suspected of laundering approximately $101.7 million (148.9 billion KRW) through cryptocurrency transactions. As reported by Yonhap News Agency, the Korea Customs Service has referred three suspects to prosecutors on charges of violating the Foreign Exchange Transaction Act.
The money-laundering operation ran from September 2021 to June 2025, transferring funds under the guise of legitimate expenses such as cosmetic surgery fees or tuition payments. The suspects purchased crypto assets from multiple countries, transferred them into wallets in South Korea, converted them into local currency, and dispersed the funds across numerous South Korean bank accounts to evade regulatory scrutiny.
