South Korea Reports Record Suspicious Crypto Transactions in 2025
- South Korean authorities flagged a total of 36,684 suspicious transaction reports (STRs) from January to August, surpassing the combined totals of the previous two years.
- In comparison, STRs were 16,076 in 2023 and 19,658 in 2024.
- Approximately $7.1 billion worth of crypto-linked crimes have been referred to prosecutors since 2021, with about $6.4 billion linked to illegal foreign exchange remittances known as “hwanchigi.”
- Customs officials uncovered an underground broker using the Tether (USDT) stablecoin for illegal transactions between South Korea and Russia.
- Regulatory bodies are urged to strengthen enforcement against disguised remittances and track criminal funds more effectively.
The increase in flagged transactions reflects a growing concern over illicit activities facilitated by cryptocurrencies, particularly involving stablecoins like USDT. This trend highlights the need for robust regulatory measures to combat financial crimes.
This year alone saw a significant rise in STRs compared to previous years, emphasizing the urgency for enhanced monitoring and enforcement strategies against crypto-related crimes.(Source)
