Thai Authorities Detain Korean Suspect in $50 Million Crypto-to-Gold Money Laundering Scheme

Thai authorities have detained a South Korean man accused of assisting a call center gang in laundering cryptocurrencies into gold valued over $50 million.

The Technology Crime Suppression Division (TCSD) reported that officers arrested Han, 33, at Bangkok’s Suvarnabhumi Airport on Saturday under a warrant issued in February, according to The Nation. He faces allegations of fraud, computer crimes, money laundering, and participation in a criminal syndicate.

The case originates from a large-scale call center scam that commenced in early 2024. Victims were enticed by “investment opportunities” promising returns of 30%–50%. Initial payouts fostered a false sense of security, but as deposits increased, withdrawals were obstructed with claims that investors hadn’t fulfilled requirements.

Numerous complaints eventually reached the TCSD, initiating an investigation that has resulted in the arrest of ten suspects, including five purported launderers and five mule account holders.

Related: Real-time crypto laundering reveals CEX vulnerabilities

Thai police seize crypto accounts

Investigators tracked Han’s arrival in Thailand and collaborated with the Immigration Bureau to arrest him at the airport checkpoint. His mobile phone, containing several crypto accounts linked to the laundering operation, was confiscated.

As reported, Han previously studied in China and later joined a South Korean firm that converted cryptocurrencies into gold bars for the scam network. He allegedly managed the crypto accounts that received victim funds, which were subsequently used to acquire gold from overseas suppliers before being sent back to the syndicate.

Authorities estimate that between January and March 2024, Han’s accounts processed approximately 47.3 million USDt (USDT), directed into gold. Each laundering cycle reportedly involved over 10 kilograms of gold, valued at around $1 million per transaction.

Han has denied some of the charges but remains in custody as Thai police continue to investigate the broader network.

Related: Australian regulator mandates audit of Binance money laundering controls

Taiwan indicts 14 in crypto money laundering case

Taiwanese prosecutors have indicted 14 individuals in what they characterize as the largest cryptocurrency money laundering case in the nation, involving over 1,500 victims and more than $70 million in illicit gains.

The Shilin District Prosecutor’s Office has filed charges for fraud, money laundering, and organized crime, aiming for the confiscation of nearly $40 million in unlawfully obtained assets.

Authorities have also requested the seizure of 640,000 USDt, undisclosed amounts of Bitcoin (BTC) and Tron (TRX), over $1.8 million in cash, two luxury vehicles, and $3.13 million in frozen bank deposits.