South Korean Authorities Detain 34 Individuals in Crackdown on Drug Smuggling Network Utilizing Cryptocurrency

South Korean authorities have apprehended 34 individuals in a crackdown on a suspected drug smuggling operation funded by cryptocurrency. The police raid, which took place on May 16, resulted in the seizure of 90,000 drug doses, including crystal meth, synthetic marijuana, and ketamine. The smuggling ring allegedly used Vietnamese smugglers to conceal the drugs within cosmetic products, which were then shipped to South Korea using international courier services. Nine people, including two South Korean ringleaders, have been detained, while 25 others have been charged with related offenses. The group is believed to have operated from August 2023 to April of this year. The gang sold drugs online to buyers who paid with cryptocurrency, utilizing Telegram as their communication platform. Korean-language Telegram channels have recently been identified as popular marketplaces for drug dealers and buyers. The Chungbuk Police Agency’s drug crime investigation unit carried out the raids, uncovering hidden drugs and seizing funds totaling over $245,000. The investigation is ongoing, as authorities suspect the involvement of other individuals, including international suppliers. All cases have been handed over to the prosecution service, and the police have urged the public to report any suspected instances of cryptocurrency-fueled drug crime to investigative agencies. This crackdown comes in response to a surge in youth drug crime and President Yoon Suk-yeol’s declaration of an “all-out war” on cryptocurrency-powered drug trafficking.