• The bulk of flagged transactions is tied to a practice known as “hwanchigi”, where illicit money is converted into crypto offshore, transferred back into Korea through exchanges, and then withdrawn in Korean won
• From 2021 to August 2025, customs data shows about ₩9.56 trillion (approximately $7.1 billion) worth of crypto-linked criminality referred to prosecutors, with roughly 90% of that tied to hwanchigi-type schemes
• Lawmakers in South Korea are pushing for stronger enforcement, more coordination between agencies (FIU and KCS), and improvements in tracking criminal funds and illegal foreign remittances

Between January and August 2025, 36,684 suspicious transaction reports (STRs) were submitted by virtual asset service providers (VASPs), say South Korea’s Financial Intelligence Unit (FIU) and Korea Customs Service (KCS).

The year is not over, yet this numb…

Read The Full Article Suspicious Crypto Activity Soars in South Korea, Topping 36,000 Cases in 2025 On Coin Edition.

• The bulk of flagged transactions is tied to a practice known as “hwanchigi”, where illicit money is converted into crypto offshore, transferred back into Korea through exchanges, and then withdrawn in Korean won
• From 2021 to August 2025, customs data shows about ₩9.56 trillion (approximately $7.1 billion) worth of crypto-linked criminality referred to prosecutors, with roughly 90% of that tied to hwanchigi-type schemes
• Lawmakers in South Korea are pushing for stronger enforcement, more coordination between agencies (FIU and KCS), and improvements in tracking criminal funds and illegal foreign remittances

Between January and August 2025, 36,684 suspicious transaction reports (STRs) were submitted by virtual asset service providers (VASPs), say South Korea’s Financial Intelligence Unit (FIU) and Korea Customs Service (KCS).

The year is not over, yet this numb…

Read The Full Article Suspicious Crypto Activity Soars in South Korea, Topping 36,000 Cases in 2025 On Coin Edition.