CoinVoice has learned that, according to The Block, the Korean Customs Department recently successfully dismantled an international illegal funds exchange network. The network is suspected of laundering approximately $101.7 million (1.489 billion KRW) through cryptocurrency transactions. According to Yonhap News Agency, the Korea Customs Service has handed over three suspects to the prosecution, charging them with violations of the Foreign Exchange Transactions Act.

The money laundering network operated from September 2021 to June 2025, disguising transfers as legitimate expenses such as cosmetic surgery or tuition fees. The suspects purchased cryptocurrencies in multiple countries, transferred them to wallets in Korea, exchanged them for local currency, and dispersed the funds across multiple Korean bank accounts to evade regulation.