$100M Underground Remittance Network Using Crypto, WeChat Dismantled In South Korea
South Korean authorities have dismantled an underground remittance network that moved approximately $102 million (150 billion won) across borders using mobile payment apps like WeChat Pay and Alipay and cryptocurrencies. The scheme, which operated from September 2021 to June 2023, involved collecting funds from customers via the apps, converting the money into crypto abroad, and then cashing it out into South Korean bank accounts after transferring the digital assets to local wallets.
To evade detection, the group disguised the transactions as payments for common services such as cosmetic surgery, study abroad fees, and trade-related costs. Three Chinese nationals have been arrested and face charges under foreign exchange laws. The case highlights the growing use of combined traditional and digital payment channels for illicit fund movements, prompting South Korea to strengthen regulations on crypto exchanges and mobile wallets.
bitcoinist01/20 08:05
