Amid $290B Forex Discrepancy, South Korea Busts $102M Crypto Laundering Network
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As South Korea grapples with a record $290 billion gap between bank-handled trade proceeds and customs-reported goods value—a key indicator of potential illicit capital flows—authorities have disrupted a major crypto-based laundering scheme.
Customs investigators allege the network moved $101.7 million over nearly four years by disguising transfers as legitimate expenses, converting overseas crypto into Korean won, and scattering funds across bank accounts.
Three suspects have been referred to prosecutors. The enforcement action aligns with a newly announced regime of “intensive inspections” targeting underground money exchanges, underscoring a concerted crackdown on activities threatening financial stability.
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