In Thailand, a 33-year-old South Korean citizen named Han was arrested for laundering over $50 million through cryptocurrency USDT. The arrest took place in Bangkok as part of an investigation into a call-center fraud scheme.
Details of the Arrest and Laundering Scheme
Han is suspected of using call-center fraud schemes to convert USDT into physical assets between January and March 2024. He previously worked for a laundering company and managed digital asset accounts, converting USDT to gold through overseas suppliers.
Impact on the Financial Market
The laundering scheme affected financial markets by channeling 47.3 million USDT off-chain. This highlights the challenges that regulators face in tracking stablecoin flows across borders.
Increase in Scams in Southeast Asia
This incident follows a pattern of rising money laundering schemes associated with call-center fraud prevalent in Southeast Asia since 2022. Experts note that the lack of direct on-chain data indicates sophisticated obfuscation techniques.
The relevance of this case underscores the need for improved money laundering prevention strategies and international cooperation to mitigate similar risks in the future.
