A South Korean national who is suspected of laundering more than $50 million worth of illicit cryptocurrency for scammers by converting it to Gold has been arrested by Police in Thailand.
The 33-year-old suspect, who was identified as Han, was detained at the Suvarnabhumi Airport in Thailand on Aug. 23. Han allegedly played a central role in laundering funds for call center scam gangs by acting as a financial conduit in a cross-border operation that used crypto to buy gold bars, according to local media reports.
Thailand Police Uncover Massive Crypto-to-Gold Money Laundering Scheme
According to authorities, over 47 million USDT was processed by crypto wallets that are linked to Han between January and March 2024. These funds were used to purchase gold in at least 30 separate transactions, with each deal involving no less than 10 kilograms of gold.
Investigators at Thailand’s Technology Crime Suppression Division suspect that Han worked closely with overseas gold vendors and facilitated shipments to unidentified scam operatives. His phone, which was recovered during the arrest, was found to be holding access to multiple cryptocurrency accounts and wallet logs that are consistent with large-scale laundering activities.
It was told to investigators by Han that he had studied in China for six years before a job was taken with a South Korean company that specialized in transforming illicit digital assets into hard commodities.
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It is believed by investigators that his activities were connected to a broader network of scam call centers that had been active as early as 2024. The scam network operated by luring victims with the opportunity of earning money by doing simple online tasks for which they were even paid initially.
However, the real scam unfolded when the pitch was escalated by scammers, who promised victims returns of 30% to 50% on investments in crypto-based “projects.” Ultimately, investors would find their accounts frozen and withdrawals denied.
Ten Arrests Made in Scam Investigation, More Anticipated
Before Han’s capture, ten arrests in connection with the scam had already been made by Thai police. Five of the suspects were accused of laundering money, while the others allegedly operated mule bank accounts that were used to collect victim deposits.
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According to TCSD commander Pol Maj Gen Athip Phongsiwapai, Han was wanted on charges of fraud, impersonation, and money laundering.
For now, he remains in custody, and investigators say that new leads that were found on devices recovered during the arrest are being examined.
Thailand’s investigation coincides with a broader wave of enforcement. Just last month, seven people were sentenced by a court in Beijing in a $20 million laundering case that involved a former video platform employee who embezzled funds and funneled them through eight offshore crypto exchanges.
The month before, a Russian crypto entrepreneur was charged by the United States Department of Justice for their role in enabling a $500 million crypto laundering scheme.
