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Monday, 31 August 2026 Reading Room

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Virtual asset 'Hanchigi' 279.6 billion won... A group of individuals involved in exporting used cars to sanctioned countries was caught. The customs authorities have caught a group of individuals who made huge profits by exporting used cars to sanctioned countries such as Russia and Iran through 'Hanchigi', a type of virtual asset transaction. On the 6th, the Korea Customs Service announced that it had caught a total of 20 people, including 10 who were involved in the export of used cars and 10 who were involved in money laundering through virtual asset exchange, on charges of violating the Foreign Exchange Transactions Act. The group is believed to have made about 279.6 billion won in illicit profits by exporting 1,423 used cars to sanctioned countries through a Hong Kong company from July 2020 to March of this year. The method was as follows. The group would first purchase used cars in Korea and then have the cars shipped to a Hong Kong company. The Hong Kong company would then sell the cars to buyers in sanctioned countries. The group would then use the money received from the sales to purchase virtual assets such as Tether (USDT) and Bitcoin, and then convert them into Korean won through domestic virtual asset exchanges. The authorities believe that the group used this method to avoid detection by the authorities and to launder the money they made from exporting used cars to sanctioned countries. The Korea Customs Service has seized 8.4 billion won in assets, including cash and virtual assets, and has filed charges against the 20 individuals involved. The authorities are also investigating whether there are any other individuals or organizations involved in this case. The Korea Customs Service has strengthened its monitoring of virtual asset transactions and has increased its cooperation with other authorities to prevent similar cases from occurring in the future. The case is considered a significant one, as it highlights the risks of using virtual assets for illicit activities and the need for greater regulation and oversight of the virtual asset market.

·hani.co.kr

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