Korea's customs authorities said Monday they have uncovered an international crime ring accused of laundering about 150 billion won ($101.7 million) worth of cryptocurrency through an unauthorized foreign exchange scheme. Three Chinese nationals have been referred to the prosecution for alleged violations of the foreign exchange transactions act, according to the Korea Customs Service (KCS). The suspects allegedly laundered 148.9 billion won between September 2021 and June of last year by exploiting domestic and overseas cryptocurrency accounts and Korean bank accounts, the agency said. Authorities said the funds were transferred under the guise of legitimate expenses, such as cosmetic surgery fees for foreign nationals or overseas study costs for students. To evade monitoring by financial authorities, the suspects allegedly purchased cryptocurrency in multiple countries, transferred it to digital wallets in Korea, converted it into Korean won, and then funneled the money through numerous domestic bank accounts.