Korea Customs Service investigators referred three suspects to prosecutors after uncovering an estimated 148.9 billion won laundering operation that used cross‑border crypto and illegal foreign‑exchange channels. The ring allegedly used WeChat Pay and Alipay collections, overseas exchanges and domestic wallets to convert cryptocurrency into won while disguising transfers as legitimate expenses.

South Korea's Korea Customs Service said investigators traced roughly 148.9 billion won (about $101.7 million) laundered through a cross‑border network that converted cryptocurrency into won while masking transfers as legitimate payments. Authorities identified a structure that used WeChat Pay and Alipay collections, overseas cryptocurrency exchanges, and domestic wallets to funnel proceeds back into South Korea. According to local reporting based on a Yonhap summary, the network obscured the origin of funds by labeling transfers as tuition, cosmetic surgery, and other plausible expenses, and then routed money through illegal foreign‑exchange channels to integrate it into the domestic financial system. Investigators have referred three suspects to prosecutors and say inquiries continue to map counterparties and exchange gateways, including overseas platforms that accepted the proceeds. The case highlights growing regulatory and enforcement focus on cross‑border on‑ramps and social payments tools that can be combined with crypto to mask illicit flows, and officials signaled further cooperative probes with foreign counterparts to freeze assets and identify additional participants.