According to the Korea Customs Service, the group laundered about KRW 1.5 trillion using cryptocurrency and other virtual assets under the pretexts of cosmetic surgery expenses and study funds. They acquired cryptocurrency in overseas jurisdictions and moved the assets to domestic cryptocurrency wallets, later selling them for won. To evade surveillance, they bought digital assets in several countries and transferred them to domestic wallets, then withdrew cash via banks or ATMs.
The operation underscores how crypto can be exploited to mask illicit remittance flows and is prompting broader investigations and tighter checks across borders. Experts say regulators are likely to tighten supervision of crypto-related remittances, especially in sectors linked to foreign medical tourism and student exchange programs. Authorities are expected to increase scrutiny on exchanges and wallet activity to deter similar illicit activities.
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