Authorities in Thailand have apprehended a South Korean individual suspected of laundering over $50 million in illicit cryptocurrency by converting it into Gold.
Summary
- Han, a South Korean citizen, was detained on money laundering suspicions.
- Within three months, Han reportedly converted $47 million in USDT into Gold.
The 33-year-old suspect, identified as Han, was arrested at Suvarnabhumi Airport on Aug. 23. He allegedly played a crucial role in laundering money for scam operations by functioning as a financial intermediary in a cross-border scheme that utilized crypto to purchase gold bars, according to local news sources.
Authorities report that Han’s crypto wallets handled over 47 million USDT from January to March 2024, which were used to acquire gold in at least 30 transactions, each involving no less than 10 kilograms of gold.
Investigators from Thailand’s Technology Crime Suppression Division suspect Han collaborated closely with international gold vendors and facilitated shipments to unidentified scam operators. His phone, found during the arrest, contained access to numerous cryptocurrency accounts and wallet logs indicative of large-scale laundering efforts.
Han informed investigators that he had studied in China for six years before working for a South Korean firm specializing in converting illicit digital assets into tangible commodities.
Officials believe his operations were linked to a larger network of scam call centers that had been active since at least 2024, enticing victims with promises of income for simple online tasks, for which they were initially compensated.
The real deception unfolded as scammers escalated their pitches, offering returns of 30% to 50% on investments in crypto-based “projects.” Ultimately, victims discovered their accounts frozen and withdrawals blocked.
Ten arrests, and more expected
Prior to Han’s capture, Thai authorities had already made ten arrests related to the scam. Five suspects faced charges of money laundering, while others were accused of managing mule bank accounts for collecting victim deposits.
TCSD commander Pol Maj Gen Athip Phongsiwapai stated that Han was sought for charges of fraud, impersonation, and money laundering.
He remains in custody as investigators pursue new leads derived from devices seized during the arrest.
This investigation aligns with a larger enforcement trend, as just last month a Beijing court sentenced seven individuals in a $20 million laundering case involving a former employee from a video platform who misappropriated funds and funneled them through eight offshore crypto exchanges.
The previous month, a Russian crypto entrepreneur was charged by the United States Department of Justice for facilitating a $500 million crypto laundering scheme.
