According to Digital Asset, a South Korean currency exchange dealer, A, in his 40s, was sentenced by the Seoul Central District Court to 2 years in prison for money laundering related to the Huifang Group, a criminal-funds cash-in-transit organization connected to undeclared virtual asset transactions related to Cambodia. The court also ordered the recovery of 1.33 billion Korean won. The court found that between 2022 and 2024, A failed to report to financial authorities, conducting 194 transactions involving about 15.5 billion Korean won in digital assets; and between 2021 and 2023, he carried out 135 transactions related to about 2.9 billion Korean won in unregistered foreign exchange business, including remittances to China. This is the first time that a Korean court has confirmed a guilty verdict regarding suspicions of digital asset money laundering related to the Huifang Group.

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BridgeBurned
· 4h ago
194 times, 15.5 billion, an average of 80 million per transaction—can this transaction flow density be regulated but effectively “hidden” for two years?
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YieldCartographer
· 4h ago
Huiwang has been eating this melon for years, and finally there's a solid court ruling.
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GateUser-4590f4c6
· 4h ago
South Korea’s crackdown on over-the-counter foreign exchange—and “not declaring” to boot—is a double blow: a two-year sentence is considered “light,” but the painful part is the recovery of the money.
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