South Korean customs officials have exposed a $102 million cryptocurrency money laundering network linked to plastic surgery clinics catering to foreign tourists. The network allegedly used cryptocurrencies to launder payments made via Chinese e-pay platforms Alipay and WeChat Pay for cosmetic procedures. Authorities plan stricter inspections to prevent illegal currency exchanges in the medical tourism sector.
The operation was reportedly masterminded by a Chinese-Korean consultant at a major clinic, who, along with a Chinese national, funneled payments into bank accounts, purchased cryptocurrencies overseas, and transferred them to South Korean exchanges. The funds were then converted to cash through local ATMs. The network expanded in 2024 to include other sectors popular with Chinese tourists. Three individuals have been charged, and their cases are now with prosecutors.
South Korean Customs Uncover $102M Crypto Money Laundering Network
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