South Korean Customs Authorities Nab $101.7M Crypto Fraud Ring
The South Korean Customs Service (KCS) has dismantled a prison ring involving almost 150 billion received ($101.7 million) in crypto through a cash laundering scheme.
Per the Korean Yonhap report, three Chinese nationals have been held for violating the international alternate transactions act. The cryptos have been laundered between September 2021 and June 2025 by “exploiting” crypto accounts – home and worldwide, customs workplace famous.
Criminals Purchase Cryptos From Multiple Countries – Korean Customs Service
The company stated Monday that the criminals are dealing with cash laundering fees by receiving deposits from clients through WeChat Pay and Alipay.
They supposedly bought digital belongings from varied international locations to evade monitoring from monetary authorities. These cryptos have been then transferred to digital wallets in South Korea and transformed to Korean received.
The criminals exchanged commerce charges, duty-free buy charges, and research overseas funds, aside from unclear remittances, authorities noted. Besides, the funds have been transferred below official bills like beauty surgical procedure charges for international nationals.
South Korea Sharpens Crypto Oversight in Bid for Stronger Security
Seoul has taken steps to turn out to be a world crypto hub and has spent a lot of 2025 embracing cryptocurrencies at an unparalleled tempo. However, the information of flagged crypto transactions exhibits a dedication to safety that’s crucial for the increasing business.
The authorities just lately stated that it will tighten oversight of cryptocurrency transfers under 1 million received. This closes a loophole that allowed customers to evade identification checks.
In September, South Korea flagged a record 36,684 suspicious crypto transactions in 2025, surpassing the mixed complete of the earlier two years.
Representative Jin Sung-joon and the Korea Customs Service (KCS) statistics stated that native digital asset service suppliers (VASPs) filed 36,684 suspicious transaction reports (STRs) between January and August 2025.
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