Korea Customs $101M Remittance Ring WeChat, Crypto Wallets

The Korea Customs Service referred three suspects for prosecution after uncovering an underground remittance operation that moved approximately 150 billion won (about $100 million to $110 million) using digital assets over four years. The group allegedly laundered the funds, collected via WeChat Pay and Alipay, by converting them into cryptocurrencies through overseas exchanges, transferring them to South Korean wallets, and then converting them back to fiat currency, disguising transfers as tuition or cosmetic surgery costs. This case is one of the largest crypto-linked illegal remittance schemes recently uncovered in South Korea, highlighting the challenges regulators face in tracking cross-border financial crimes involving digital assets. The investigation occurs as South Korea plans to tighten crypto oversight by expanding Anti-Money Laundering rules, including applying Travel Rule requirements to smaller transactions to prevent evasion.

(Source：Cointelegraph)