3 Chinese Nationals Arrested in South Korea in $100 Million Crypto Case

Three Chinese nationals have been arrested in South Korea accused of laundering more than 100 million dollars in cryptocurrency. South Korean customs officials say the suspects were part of an international criminal ring that laundered roughly 107 million dollars over nearly four years. According to local authorities on Monday, the group used an illegal cryptocurrency exchange, though it's still unclear which digital currencies were involved. South Korean customs officials added that the individuals received customer deposits through Chinese-owned apps like WeChat. Investigators say the suspects moved money through crypto accounts overseas and in South Korea before converting it into Korean currency. Then they funneled the money through multiple South Korean bank accounts. To avoid detection, the transactions were disguised as legitimate expenses, including cosmetic surgery fees and overseas education The case comes as South Korea continues to delay finalizing clear rules for cryptocurrency, despite digital assets becoming a major investment option in the country.