Hackers from China laundered $ 100 million in cryptocurrency through South Korea

The South Korean Customs Service has reported the exposure of an international group that laundered about 149 billion won (approximately $ 101.7 million) through cryptocurrency transactions. Three Chinese citizens suspected of violating the country’s currency legislation were handed over to the prosecutor’s office.

According to the investigation, from September 2021 to June 2023, the suspects used cryptocurrency wallets both in Korea and abroad. They converted the funds into South Korean won and transferred them through bank accounts of local institutions. To disguise the transfers, the scheme participants made them out to be payments for cosmetic surgeries for foreigners, student tuition abroad, and other legitimate expenses.

In a statement, KCS said that the suspects purchased cryptocurrency in different countries, transferred it to wallets in South Korea, converted it to oni, and distributed it through numerous accounts to avoid financial regulators' scrutiny.

This case is yet another confirmation of the scale of cryptocurrency crime. Chainalysis reported that in 2025, fraudsters stole about $ 17 billion in cryptocurrencies, a record high for all time.