Overview
- The network allegedly operated from September 2021 to June 2024, routing cryptocurrency bought in multiple countries into South Korean wallets before conversion to won.
- Transfers were disguised as routine expenses, including cosmetic surgery fees for foreign nationals and overseas education costs, to avoid scrutiny.
- Three Chinese nationals were referred to prosecutors on suspected foreign exchange law violations as authorities pursue potential links to a broader network.
- Investigators say fragmented, high-frequency transfers across multiple platforms and accounts drew attention despite efforts to evade monitoring.
- The Korea Customs Service has tightened surveillance of cryptocurrency-related foreign exchange transactions and is examining the origins and final destinations of the funds.