South Korea has cracked down on a case of counterfeit luxury goods sales, with some of the criminal proceeds converted into cryptocurrencies such as Bitcoin

The Korea Customs Service Incheon Headquarters has cracked a case of counterfeit luxury goods sales, involving approximately 77,000 counterfeit items, valued at about 120 billion won (approximately 90 million USD) based on the market price of genuine products.

The suspects profited 16.5 billion won (approximately 12.4 million USD) from selling counterfeit luxury goods through an online mall, and converted part of the criminal proceeds into cryptocurrencies such as Bitcoin, with about 500 million won (approximately 380,000 USD) stored in a hardware wallet to evade confiscation. Law enforcement has seized related cryptocurrency assets and frozen assets including apartments, hotels, and luxury cars worth about 8 billion won (approximately 6 million USD).