“Cosmetic Surgery” Ruse Allegedly Hid $102M Crypto Laundering Ring Busted in South Korea

Posing as payments for cosmetic surgery and tuition, an alleged international laundering network processed roughly $102 million through cryptocurrency and South Korean banks before being busted by customs investigators.

The Korea Customs Service referred three individuals to prosecutors Monday, accusing them of operating the scheme from September 2021 through June 2025. Authorities say the suspects purchased crypto assets overseas, transferred them to domestic wallets, converted them to won, and dispersed the funds through a web of bank accounts.

The crackdown is part of a broader push against illegal forex operations, launched amid alarming data showing a five-year-high $290 billion discrepancy in the country’s foreign exchange flows.