Seoul Customs breaks up 148.9 billion won illegal crypto exchange scheme involving three Chinese suspects

On January 19, 2026, the Seoul Customs Service reported dismantling an illegal cryptocurrency exchange ring that laundered and exchanged about 148.9 billion won (approximately $113 million) between September 2021 and last year. Three Chinese men in their 30s were arrested and sent to prosecutors for alleged violations of the Foreign Exchange Transaction Act after using mobile apps and tactics such as hwanchigi and peeling chains to move funds. The case was uncovered by the Korea Customs Service's 126-member Crime Fund Tracking Team amid a broader national crackdown on suspicious crypto-linked foreign exchange activity.