South Korean prosecutors indict gang of four for transferring $1.4 billion in foreign exchange and selling nearly $1.2 billion in virtual currency using 'kimchi premium'

According to Newsis, the International Criminal Investigation Section of the Seoul Central District Prosecutors Office arrested and prosecuted four people suspected of violating the Foreign Exchange Transactions Act and the Specified Financial Information Act. A total of 1.74 trillion won (about 1.4 billion U.S. dollars) worth of foreign exchange remittances were transferred to overseas companies after an account under the name of an overseas remittance company managed by the company received funds. In addition, from September last year to March this year, the gang also used remittances to buy virtual currency on overseas exchanges, and then transferred it to other overseas and domestic exchange accounts for selling, selling a total of 1.5 trillion won of virtual currency ( 1.178 billion won) and no reports, a total of 32,000 times. Prosecutors believe they committed the crime systematically to capture the difference based on what is known as the "kimchi premium."