The Korean Crypto Laundering Method Behind $6.4 Billion, and Why Police Struggle to Stop It

A single cross-border laundering method has quietly become the backbone of South Korea’s crypto crime wave, accounting for $6.4 billion of the $7.1 billion in illegal crypto transactions recorded in the country since 2021. And despite knowing exactly how it works, police are struggling to stop it. The technique is called Hwanchigi. It exploits cryptocurrency