Overview
- The Korea Customs Service traced about 148.9 billion won by following crypto bought overseas, moved into South Korean wallets, converted to won, and dispersed through numerous local bank accounts.
- Three Chinese nationals were sent to prosecutors for alleged violations of the Foreign Exchange Transactions Act after a probe covering September 2021 to June of last year.
- Investigators say clients paid via WeChat Pay and Alipay before funds were converted to crypto abroad, helping the ring avoid early detection.
- Transfers were labeled as routine expenses such as cosmetic surgery fees, overseas education costs, trade payments, and duty‑free purchases to blend into normal remittance patterns.
- Prosecutors have not publicly detailed arrests, asset seizures, or formal charges, and authorities have intensified surveillance and policy discussions on applying stricter Travel Rule and inter‑agency coordination.