A South Korean citizen has been arrested in Thailand for his involvement in a large-scale money laundering operation that converted over $50 million in cryptocurrency.
Crypto to Gold Network Uncovered
The arrest was made by the Technology Crime Suppression Division (TCSD). Police state that Han worked with a gang that deceived victims through fake investment schemes.
He is accused of managing several cryptocurrency accounts that collected stolen funds. These assets were then used to purchase gold from overseas suppliers, which was later shipped back to the group.
Investigators state that between January and March this year, nearly $47.3 million in Tether (USDT) was transacted through Han’s accounts. Each laundering operation was said to involve over 10 kilograms of gold, worth about $1 million per transaction. Han’s phone was confiscated during his arrest, containing multiple accounts tied to the scheme.
Victims of Call Center Scam
The case began after numerous complaints were filed against a call center scam that started in early 2024. Victims were promised high returns of 30 to 50 percent on their investments. Initially, small payouts were made, convincing many to invest more money. Eventually, withdrawals were blocked under claims that investors had not met certain conditions.
The scam resulted in substantial losses for dozens of individuals. TCSD investigators traced the money flow, leading to the arrest of ten suspects prior to Han, including five accused of money laundering and five who allowed their bank accounts to be used. Police assert this is one of the largest crypto money laundering cases addressed in Thailand.
Regional Action Against Crypto Laundering
Other nations in the region are also facing similar issues. In Taiwan, prosecutors have charged 14 individuals in what has been described as the country’s largest cryptocurrency laundering case which affected over 1,500 victims and traced over $70 million in illegal funds. Seized items included cash, luxury vehicles, and frozen bank accounts.
Han denies portions of the charges but remains in custody. Thai police state that their investigation is ongoing and further arrests may follow.
The case involving Han highlights the growing issue of fraud and money laundering in the cryptocurrency sector, emphasizing the need for stricter oversight and regulation in this market.
