A South Korean drug lord, born in the 2000s, was sentenced to 20 years in prison for laundering millions of dollars using Bitcoin.
PANews reported on January 14 that, according to DL News, a South Korean drug lord born in the 2000s who used cryptocurrency for money laundering and drug trafficking was sentenced to 20 years in prison and fined $4.2 million by the Ulsan District Court. Three of his accomplices were sentenced to prison terms ranging from 30 months to three years.
The court found that the drug lord operated multiple drug sales channels through the Telegram messaging app since March 2020, primarily selling drugs smuggled from Vietnam. His group used international courier services to smuggle drugs and distributed them through "dead drops" (hiding drugs in public places and then notifying buyers to collect them). All transactions and distribution commissions were completed using cryptocurrencies such as Bitcoin, and the group also used Bitcoin to launder drug money, with the amount involved estimated at approximately $4 million.
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