South Korea uncovers fake luxury goods sales case, with some criminal proceeds converted into Bitcoin and other cryptocurrencies

MarsBitNews · 2026-01-27T05:34:47+00:00

Korea Customs Service uncovers a counterfeit luxury goods case, seizing approximately 77,000 fake items with an estimated market value of about 120 billion KRW. The suspect profited 16.5 billion KRW through online sales, with some funds converted into crypto assets. Law enforcement has confiscated related assets worth approximately 8 billion KRW.

MarsBitNews

2026-01-27 05:34:47

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lockBeats News, January 27 — According to YTN, the Incheon Customs Office of Korea’s Customs Service uncovered a counterfeit luxury goods sales case. The fake goods involved approximately 77,000 items, with an estimated market value of about 120 billion KRW (approximately 90 million USD). The suspect profited around 16.5 billion KRW (about 12.4 million USD) from selling counterfeit luxury items through an online marketplace, and converted part of the criminal proceeds into cryptocurrencies such as Bitcoin. About 500 million KRW (approximately 380,000 USD) was stored in hardware wallets to evade seizure. Law enforcement has seized related crypto assets and frozen assets including apartments, hotels, and luxury cars worth approximately 8 billion KRW (about 6 million USD).

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