-640x358.jpg&w=1200&q=75)
South Korean authorities have uncovered an illegal remittance network that moved around 150 billion won, or more than $100 million, through cryptocurrencies, according to local media.
The Korea Customs Service referred three suspects for prosecution, including a Chinese national in his 30s, for violating the Foreign Exchange Transaction Act, Yonhap reported.
Investigators said the group used WeChat Pay and Alipay to collect funds, which were then converted into cryptocurrencies via overseas exchanges.
The digital assets were allegedly transferred into South Korean wallets before being converted back into local currency.
Authorities said the illicit transfers were disguised as legitimate payments such as cosmetic surgery expenses and overseas tuition fees.
The case is one of the largest crypto-linked illegal remittance schemes uncovered in South Korea in recent years.
In a separate case last December, a woman in her 30s was jailed for laundering about $180 million through cryptocurrencies.
“The scale of the case highlights the challenges regulators face when trying to track illicit crypto flows,”
OneSafe said.
“The fact that she found her way into this world via a group chat shows just how savvy criminals have become, using encrypted channels to operate under the radar of traditional banking systems,”
OneSafe said.
The investigation comes as South Korea moves to tighten oversight of crypto-related financial activity.
The Financial Services Commission plans to expand Anti-Money Laundering rules by applying Travel Rule requirements to transactions of 1 million won.
Officials aim to finalise the new framework in the first half of 2026 before submitting legislative amendments to the National Assembly.