South Korea Arrests 3 in Multibillion-Dollar Crypto-Linked Probe

Authorities in South Korea have made the first arrests in a probe involving “abnormal” foreign exchange transactions and crypto investments.

The three people arrested were linked to a remittance platform that transferred 400 billion South Korean won (around $307 million) abroad via a multinational bank in Seoul.

The trio are accused of “setting up paper companies and operating a cryptocurrency trading business without registration.”

The arrests are part of a larger investigation involving two major local commercial banks Woori and Shinhan, that had transferred $3.4 billion worth of funds overseas, and possible links to “illegal crypto-related activities.”

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