According to local media reports, the Korea Customs Service identified 5.6 trillion Korean won (US$4.3 billion) in illegal foreign currency transactions involving cryptocurrencies last year. According to Yonhap, the identified illicit trade mostly involves cases where the purpose of overseas financial transactions was misrepresented. Many of the transactions sought to purchase cryptocurrencies at a lower cost outside of South Korea for resale in the country. According to Yonhap, citing the Korea Customs Service, 15 cases of illegal cryptocurrency transactions accounted for nearly 70% of the total amount of 8.2 trillion won detected by customs across 1,983 illicit overseas trades.