Global crypto investment products log $2.2B in weekly inflows, even as geopolitical jitters dent late-week mood: CoinShares

Quick Take

• South Korean customs investigators have disrupted an international money laundering network that allegedly processed 148.9 billion won ($101.7 million) using cryptocurrency and the domestic banking system. The Korea Customs Service (KCS) said Monday that it has referred three individuals to prosecutors for alleged violations of the Foreign Exchange Transactions Act, Yonhap news agency reported. According to the report, the agency alleges that the ring operated from September 2021 through June 2025, moving funds under the guise of legitimate expenses like cosmetic surgery or tuition. To evade detection, the suspects allegedly purchased crypto assets in multiple jurisdictions, transferred them to crypto wallets in South Korea, converted them into local currency, and dispersed the funds through numerous South Korean bank accounts, the report said. The enforcement action comes as South Korean authorities step up scrutiny of illegal foreign exchange activity. On Jan. 13, the KCS announced year-round "intensive inspections" targeting underground money exchange operations that could threaten exchange rate stability.