Four referred to prosecutors over 204 million USD in illegal crypto payments
Four individuals have been referred to prosecutors for allegedly exporting 1,024 used cars valued at 50.7 billion won to Russia and Belarus, both under international sanctions, and illegally receiving 279.6 billion won in cryptocurrency as payment. South Korea’s Incheon Main Customs reported that the group includes a foreign man in his 40s identified as the ringleader and three South Korean accomplices, facing charges of violating the Customs Act and the Foreign Trade Act. Investigators discovered that the group received export payments in cryptocurrencies, including USDT, after international financial sanctions hindered normal remittances. The funds were subsequently transferred to crypto wallets managed by an unregistered foreign-exchange operation in South Korea and disguised by being sold on a South Korean exchange and converted into won.
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