Philippine authorities have extradited a man in his 40s to South Korea for allegedly hacking into virtual assets worth some 14 billion won.

The National Police Agency said the individual was immediately taken into custody upon arrival at Incheon International Airport Friday morning after a joint international investigation with their Philippine counterparts.

The IT engineer accused of siphoning crypto assets in collusion with accomplices in Korea allegedly tried to cash out in the Southeast Asian country through a money-laundering scheme.

A cyber unit at Seoul Metropolitan Police tracked down the suspect for five months to finally pin down his location at two possible safehouses and requested cooperation from Philippine officials. The apprehension came a month later.

One senior police official said their cross-border collaboration successfully helped shut down the ring.