South Korea Charges Three Chinese Nationals in $102 Million Cryptocurrency Money Laundering Case

Odaily News: The Korea Customs Service announced the transfer of three Chinese nationals suspected of involvement in a cryptocurrency money laundering scheme to the prosecution.

The suspects are accused of transferring approximately 150 billion won, equivalent to about $101.7 million, through illegal foreign exchange operations between September 2021 and June 2023. The Korea Customs Service stated that the suspects used domestic and overseas cryptocurrency accounts along with South Korean bank accounts to transfer funds under the guise of paying for plastic surgery and overseas education expenses. The scheme involved purchasing cryptocurrency overseas and transferring it to South Korea, subsequently converting it into Korean won and dispersing it into local bank accounts to evade supervision. Currently, the three individuals have been transferred to the prosecution for violating South Korea's Foreign Exchange Transactions Act.