S. Korea finds Tether used in 10T won of illicit forex trades

The volume of illegal foreign exchange transactions linked to cryptocurrencies uncovered by South Korean customs authorities over the past five years has surpassed 10 trillion won (approx. $7.4 billion), Hankyung reported. Tether (USDT), a stablecoin pegged to the U.S. dollar, has been widely used for these illicit activities. The value of uncovered transactions surged from 823.8 billion won in 2021 to 4.7566 trillion won in 2022. The number of cases also rose from 10 in 2021 to 16 in 2025.