South Korea’s continuing interagency investigation on suspected local money laundering and crypto fraud incidents has purportedly led to the discovery of 1.69 trillion won (approximately $1.48 billion) in illicit foreign crypto-based transactions. As per the report of The Korea Times, the Seoul Central Customs points out 33 people for bypassing or disregarding the country’s current prohibition on overseas crypto trading.
According to the South Korean authorities, approximately half of the discovered illicit money, just about $700 million, can be attributed to illegal foreign exchanges, with an intermediary being paid to transfer significant amounts of the withdrawn funds after transacting on a crypto exchange. Moreover, $680 million is reportedly involved in falsified remittance records attributed to overseas crypto purchases, while $83 million are concerned with facilitating cash withdrawals overseas using Korean credit cards.
The Seoul Central Customs reiterates that virtual asset transfers that hide under the guise of study, travel, or trade expenses are strictly forbidden – identified violators will be subject to comprehensive criminal fines or prosecution. And indeed, they did. The particular report further notes that 14 of the aforementioned 33 suspects were already referred to prosecution, 15 of them were promptly fined, and the remaining four are still under thorough investigation.