$8.8 Billion Crypto-Linked Hwanchigi Cases Detected in South Korea

Authorities in South Korea have detected over $8.8 billion in crypto-linked unregistered foreign-exchange trading cases since 2018.

The majority of these cases, totaling 67% of the total value, involved virtual assets such as cryptocurrencies, according to data from the Korea Customs Service.

Between 2018 and July this year, authorities detected 91 cases of crypto-linked illegal FX trading, with a combined value of $8.8 billion (12.1407 trillion won).

This represents a significant portion of the total $13.1 billion in unregistered foreign-exchange trading cases uncovered during the same period.

The use of China as a major route for digital-asset illegal FX trading crimes has been highlighted, with 27 Chinese nationals among the 34 foreign nationals caught in crypto-linked illegal FX trading cases since 2018.