Illegal crypto-based currency swaps total $2.2B, with 99% of defendants convicted

An analysis of 52 cases involving digital assets used in violations of South Korea’s Foreign Exchange Transactions Act found that the total scale of the crimes reached about 3.1 trillion won ($2.2 billion), excluding acquittals, Digital Asset reported. According to the outlet, 17 of the 52 cases involved digital assets being used to mediate exchanges between the Chinese yuan and the South Korean won, the largest category. Illegal remittance cases involving Vietnam ranked second with 13 cases, while seven cases each were tied to the Philippines and casinos, and to swap crimes targeting the kimchi premium. Four other cases involved gift certificates, duty-free goods and so-called suitcase traders, while others included XRP exchange and small-sum overseas remittance cases. Of 95 defendants in total, including 93 individuals and two corporations, only one was ultimately acquitted. Among the 94 convicted defendants, 46, or 48.9%, received suspended prison terms, 28, or 29.7%, were fined, 19, or 20.2%, received prison sentences, and one, or 1.0%, received a suspended sentence for a fine.