South Korea‘s customs service has dismantled an alleged money laundering operation that processed $101.7 million using cryptocurrency and the banking system.
Three people are facing prosecution for allegedly running the scheme from 2021 to 2025, funneling money under fake invoices for things like cosmetic surgery.
The ring reportedly bought crypto abroad, moved it to Korean wallets, cashed out, and spread the money across multiple accounts.
The bust comes as authorities ramp up inspections of illegal foreign exchange activity, concerned by a widening $290 billion discrepancy in trade flows that points to large-scale illicit capital movement.
