South Korea accuses three Chinese nationals of being involved in a $102 million cryptocurrency money laundering case

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

The suspects are accused of transferring approximately 150 billion won, equivalent to about 10.17 million USD, through illegal foreign exchange transactions between September 2021 and June 2023. The Korea Customs Service stated that the suspects used domestic and foreign cryptocurrency accounts as well as South Korean bank accounts to transfer funds under the guise of paying for cosmetic surgery and overseas education expenses. The scheme involved purchasing cryptocurrency overseas and transferring it to South Korea, where it was then exchanged for won and dispersed to local bank accounts to evade regulation. Currently, these three individuals have been transferred to the prosecution for violating South Korea's Foreign Exchange Transaction Act.