South Korea busts cryptocurrency money laundering case involving approximately $101.7 million.

According to Mars Finance, as reported by The Block, South Korean customs authorities recently dismantled an international illegal money exchange network suspected of laundering approximately $101.7 million (148.9 billion won) through cryptocurrency transactions. Yonhap News Agency reported that the Korean Customs Service has transferred three suspects to prosecutors, charging them with violations of the Foreign Exchange Transaction Act. The money laundering network operated from September 2021 to June 2025, transferring funds under the guise of legitimate expenses such as cosmetic surgery or tuition fees. The suspects purchased crypto assets from multiple countries, transferred them to South Korean wallets, converted them into local currencies, and then distributed them to multiple South Korean bank accounts to evade regulation.