Korean man arrested over $50M crypto-to-gold laundering scheme

Thai authorities have arrested a South Korean man accused of helping a call center gang launder cryptocurrencies into gold worth more than $50 million.

The Technology Crime Suppression Division (TCSD) said officers apprehended Han, 33, at Bangkok’s Suvarnabhumi Airport on Saturday under a warrant issued in February, to a report from The Nation. He faces charges of fraud, computer crimes, money laundering, and involvement in a criminal syndicate.

The case stems from a large-scale call center scam that began in early 2024. Victims were lured into “investment opportunities” promising 30%–50% returns. Initial payouts created a false sense of security, but as deposits grew, withdrawals were blocked with claims that investors had failed to meet requirements.

Dozens of complaints eventually reached the TCSD, prompting a probe that has already led to the arrest of ten suspects, including five alleged launderers and five mule account holders.

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Investigators discovered Han’s arrival in Thailand and coordinated with the Immigration Bureau to detain him at the airport checkpoint. His mobile phone, containing multiple network, was seized.

According to the report, Han previously studied in China before joining a South Korean company that converted cryptocurrencies into gold bars for the scam network. He allegedly oversaw crypto accounts receiving victim funds, which were then used to purchase gold from overseas suppliers before being shipped back to the syndicate.

Authorities estimate that between January and March 2024, Han’s accounts processed roughly 47.3 million USDt (), funneled into gold. Each laundering round reportedly involved more than 10 kilograms of gold, valued at about $1 million per transaction.

Han has denied parts of the charges but remains in custody as Thai police continue investigating the wider network.

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Taiwan indicts 14 in crypto money laundering case

Taiwanese prosecutors in what they describe as the nation’s largest cryptocurrency money laundering case, involving more than 1,500 victims and over $70 million in illicit proceeds.

The Shilin District Prosecutor’s Office filed charges for fraud, money laundering and organized crime, seeking the confiscation of nearly $40 million in illicitly obtained assets.

Authorities also requested the seizure of 640,000 USDt, undisclosed amounts of Bitcoin () and Tron (), more than $1.8 million in cash, two luxury cars and $3.13 million in frozen bank deposits.

Prosecutors said the group laundered the funds by converting cash into foreign currency and then buying USDt through local exchange BiXiang Technology before transferring the assets abroad.

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