Crystal Intelligence: South Korea's $7.1 billion crypto transactions involve illegal activities

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Techub News reports that, according to Crystal Intelligence, from 2021 to August 2025, South Korea tracked $7.1 billion in illegal cryptocurrency transactions, of which $6.4 billion was completed through “Hwanchigi” cross-border money laundering. The report states that North Korean hackers are responsible for six out of nine major attacks on South Korean cryptocurrency exchanges, with confirmed theft amounts exceeding $120 million. The report also shows that in 2025, “pig-butchering” scams caused South Korean victims to lose $70.6 million, a 48% increase, with about 1,000 South Koreans detained in Southeast Asian scam zones. In March 2026, South Korea’s Financial Intelligence Unit issued a $24.6 million fine to an exchange, but the Seoul Administrative Court overturned the suspension order in May.

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