lockBeats News, January 27: According to YTN, the Incheon headquarters of the Korea Customs Service uncovered a case involving the sale of counterfeit luxury goods. Approximately 77,000 fake items were seized, valued at around 1.2 trillion won (about $9 million) based on the market price of genuine products. The suspects earned 16.5 billion won (about $12.4 million) by selling the counterfeit luxury goods through an online marketplace. Some of the illicit proceeds were converted into cryptocurrency, with about 500 million won (about $380,000) stored in a hardware wallet to avoid recovery. Authorities have seized the related cryptocurrency assets and frozen other assets, including apartments, hotels, and luxury cars, valued at approximately 8 billion won (about $6 million).
South Korea Seizes 77,000 Fake Luxury Goods Worth $90M, Criminals Converted $38M to Bitcoin
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Summary
On January 27, 2026, South Korea's Incheon Customs Office seized 77,000 counterfeit luxury goods valued at $90 million. The suspects sold these items online and converted $38 million into Bitcoin, hiding the cryptocurrency in a hardware wallet. Authorities froze $6 million in assets, including real estate and vehicles. The case highlights ongoing enforcement efforts against illegal cryptocurrency activities. Alternative cryptocurrencies to watch may face similar scrutiny as regulators target hidden transactions.
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