Thai police arrest South Korean man in $50M crypto-to-gold laundering scheme

Thai police have detained a 33-year-old South Korean man, identified as Han, for his alleged role in a $50 million cryptocurrency-to-gold money laundering scheme. Han was arrested at Bangkok’s Suvarnabhumi Airport in August 2025 under a warrant issued in February, following an investigation by the Technology Crime Suppression Division (TCSD) [1]. The operation involved a call-center-based scam that targeted victims with fraudulent investment offers, promising returns of 30–50%, before blocking withdrawals under fabricated compliance reasons [2].

The scheme used Tether (USDT), a stablecoin, to process over 47.3 million USDT between January and March 2024. These funds were allegedly converted into gold, with each laundering cycle involving shipments of approximately 10 kilograms of gold valued at around $1 million [3]. Han’s prior experience at a South Korean firm specializing in crypto-to-gold conversions is believed to have facilitated his role in the operation.

At the time of his arrest, Thai police seized Han’s mobile phone, which contained multiple crypto accounts connected to the laundering activity. While he has denied some of the allegations, he remains in custody as authorities continue to investigate the wider network. To date, ten others have been arrested in relation to the case, including five suspected launderers and five individuals involved in operating mule accounts.

The case highlights the growing complexity of financial crime in the digital age, particularly the use of cryptocurrencies to obscure the flow of illicit funds. Gold, as a physical asset, provides a method to transport large sums across borders with minimal digital traceability. This incident underscores the challenges law enforcement faces in tracking cross-border schemes and the necessity for stronger international cooperation and regulatory oversight.

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[1] Thai authorities have arrested a South Korean man accused of helping a call center gang launder cryptocurrencies into gold worth more than $50 million. (https://cointelegraph.com/news/thai-police-arrest-korean-man-50m-crypto-gold-laundering)

[2] Thai police arrested a 33-year-old South Korean man for laundering $50M in USDT into gold via a call-center scam. (https://www.ainvest.com/news/thai-police-uncover-50m-usdt-gold-laundering-scheme-call-center-scam-2508/)

[3] Thai police have arrested a South Korean man accused of helping a call center gang launder over $50 million in crypto into gold. (https://www.ainvest.com/news/thai-police-arrest-south-korean-man-50m-crypto-gold-laundering-scheme-2508/)