The Busan Western District Prosecutors’ Office uncovered the operation, which allegedly moved nearly $683 million over six years and earned about $18.6 million in illicit commissions.
On June 26, two exchange firms and three individuals were indicted for allegedly violating foreign exchange and electronic financial transaction laws.
The suspects reportedly used platforms like Nettel Pay, popular in offshore gambling and FX trading, to illegally transfer money and hide crypto assets in anonymous wallets.
Authorities traced and recovered $9.1 million in assets, including $3.2 million in Ethereum.
The case underscores South Korea’s growing struggle with crypto-related crimes, following a recent $416,000 crypto fraud case.
In response, the government is advancing regulatory reforms via the proposed Digital Asset Basic Act, aiming to regulate the country’s $74.5 billion crypto market.
