Thai authorities have arrested a South Korean man accused of laundering cryptocurrency from a large-scale fraud scheme.
Charges Against the South Korean
33-year-old Han was arrested at Bangkok's Suvarnabhumi Airport under a warrant issued in February. He faces charges of fraud, computer crimes, money laundering, and involvement in a criminal syndicate.
Money Laundering Scheme
The scam began in early 2024, luring victims with promises of 30%–50% returns on investments. Initial payouts created a false sense of security, but as deposits grew, withdrawals were blocked. Han allegedly oversaw crypto accounts receiving victim funds, which were used to purchase gold from overseas suppliers.
Wider Fraud Network
Investigators have already arrested ten suspects in relation to the case, including five alleged money launderers and five mule account holders. Authorities estimate that Han’s accounts processed roughly $47.3 million in USDT between January and March 2024, funneled into gold transactions.
Han's arrest highlights the increasing efforts of Thai authorities to combat cryptocurrency fraud and money laundering.
