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WuSaidBlockchainW

According to Digital Asset, a South Korean currency exchange dealer in his 40s, identified as A, was sentenced to 2 years in prison by the Seoul Central District Court for involvement in a Cambodian-crime-related money laundering organization, the Huifeng Group, through unreported virtual asset transactions. He was also ordered to recover 1.33 hundred million Korean won. The court found that between 2022 and 2024, A failed to report to financial authorities, conducting approximately 155 billion Korean won in digital-asset transactions across 194 trades; and between 2021 and 2023, he carried out about 2.9 billion Korean won worth of unregistered foreign exchange business across 135 transactions, including remittances to China. This marks the first time a Korean court has confirmed a guilty ruling related to digital-asset money laundering suspicions involving the Huifeng Group.

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GateUser-76dcd439
· 2h ago
The first guilty verdict, and there are probably a whole line of people waiting to go in afterward.
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LiquidityBarista
· 5h ago
$15.5 billion Korean won across 194 installments—this guy really has patience, but unfortunately he used it in the wrong place.
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RugproofRookie
· 5h ago
It seems that South Korea's tolerance for virtual asset money laundering is decreasing, and compliance costs will only increase in the future.
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TideShellLedger
· 5h ago
Cambodian criminal funds + remittances from China, this chain is quite long, making regulation really difficult.
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HotAirBalloonCrossingMountains
· 5h ago
A currency exchange dealer in his 40s—this time, it’s a direct retirement into prison; the recovered 133 million yuan is enough to make him pay for it.
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SummerNightColdWallet
· 5h ago
No declaration + no registered foreign exchange, stacking buffs to the max is what it is.
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QuietValidator
· 5h ago
The Huiwang case has finally been decided; the Korean court acted quite quickly.
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