The Korea Customs Service has busted a case involving the illegal exchange of virtual assets, with the amount involved estimated at approximately 140 billion won.

The Korea Customs Service (KCW) Seoul Headquarters Customs Office recently announced that it has transferred a case involving large-scale illegal currency exchange using virtual assets to the prosecution. The investigation revealed that the criminal gang illegally exchanged approximately 148.9 billion won over the past four years using virtual asset accounts both domestically and internationally, charging fees in the process, which is suspected of violating the Foreign Exchange Transaction Act. The KCW disclosed that the gang collected funds from clients through WeChat Pay, Alipay, and other methods, then purchased virtual assets in multiple overseas countries and transferred them to wallets within South Korea, before converting them into Korean won and withdrawing the cash. Three people were involved, including a Chinese man in his 30s. The funds were used for various purposes, including trade payments, duty-free purchases, tuition fees, and funds with unclear uses; currency exchange was assisted in exchange for a fee. Furthermore, the investigation also found that a former head of a consultation room at a plastic surgery clinic had solicited foreign clients by offering to "assist in illegally transferring surgical fees." The case has now been transferred to the prosecution for further processing. (imnews)