South Korea Busts $102M Crypto Laundering Ring Disguised As Medical Tourism
South Korea’s customs authorities have dismantled an international cryptocurrency laundering network that processed 148.9 billion won ($101.7 million) through unauthorized foreign exchange schemes.
Three Chinese nationals were referred to prosecutors Monday for violating the Foreign Exchange Transactions Act, the Korea Customs Service announced.
The suspects allegedly operated between September 2021 and June 2025, disguising illicit fund transfers as legitimate cross-border payments for cosmetic surgery and overseas education expenses.
What Happened
The laundering operation exploited South Korea’s booming medical tourism industry to conceal illegal foreign exchange transactions.
Overseas clients transferred foreign currencies like U.S….
