South Korea indicts three Chinese nationals in connection with a $102 million cryptocurrency money laundering case.

The Korea Customs and Excise Agency announced the transfer of three Chinese nationals suspected of involvement in a cryptocurrency money laundering scheme to the prosecution. The suspects are accused of transferring approximately 150 billion won (about US$101.7 million) through illegal foreign exchange transactions between September 2021 and June 2023. The agency stated that the suspects used cryptocurrency accounts both domestically and internationally, as well as Korean bank accounts, to transfer funds under the guise of paying for plastic surgery and overseas education. The scheme involved purchasing cryptocurrencies overseas and transferring them to South Korea, then converting them into Korean won and distributing them to local bank accounts to evade regulation. The three individuals have now been transferred to the prosecution for violating South Korea's Foreign Exchange Transaction Act.