Chinese Group Laundered $100 Million in Cryptocurrency Through South Korea

• Three Chinese nationals laundered about $100 million through cryptocurrencies.
• The scheme used domestic and overseas wallets, as well as banks in South Korea.
• The funds were transferred under the guise of legitimate expenses.

South Korea’s Customs Service (KCS) said it had busted an international criminal ring that laundered about 149 billion won (around $101.7 million) in cryptocurrencies. Local media reported this.

According to the KCS, three Chinese citizens were referred to prosecutors. They are suspected of violating the country’s foreign exchange laws. It is known that from September 2021 to June 2023, the suspects used crypto wallets in and outside Korea. Through them, they moved funds, converted them into South Korean won, and routed them through bank accounts at local institutions.

The participants disguised the transfers as payments for cosmetic surgery for foreigners, tuition for students studying abroad, and other legitimate expenses.

Previously, Chainalysis published a report saying that in 2025, crypto scammers stole about $17 billion — the highest figure on record.