South Korean Man Arrested for Laundering $50M Crypto into Gold via Call-Center Scam

A 33-year-old South Korean man, identified as Han, was arrested at Bangkok’s Suvarnabhumi Airport in August 2025 under a warrant issued in February of the same year. Thai authorities allege he played a central role in a $50 million cryptocurrency-to-gold money laundering operation. The Technology Crime Suppression Division (TCSD) conducted the investigation, which revealed a call-center-based scam that promised victims high returns of 30%–50% on crypto investments. Initial payouts were used to create a false impression of legitimacy, but larger deposits were later blocked under fabricated “compliance requirements.” Once victims were lured in, their funds were transferred into Han’s cryptocurrency wallets and converted into gold bars for shipment back to the criminal network [1].

The operation involved large volumes of USDT (Tether), with Han reportedly processing over $47 million in this stablecoin between January and March 2024 alone. Each laundering cycle is estimated to have involved 10 kilograms of gold, valued at approximately $1 million per transaction. Authorities have described the use of gold as a method to obscure the digital trail of illicit funds, allowing criminal networks to move large sums across borders without detection. Han’s mobile device, which contained access to several cryptocurrency accounts linked to the scheme, was seized during his arrest. He has denied some of the charges, but remains in custody while the investigation continues [2].

This case adds to a broader trend of transnational criminal networks exploiting cryptocurrencies to launder money and convert digital assets into tangible, transportable commodities. Han’s arrest is the latest in a series of related arrests, with ten other individuals already detained—including five alleged launderers and five mule account holders. His background reportedly includes studies in China and prior employment with a South Korean firm that specialized in crypto-to-gold conversions, raising concerns about how traditional financial systems may inadvertently facilitate such illicit activities [3].

The case underscores the increasing complexity of crypto-based financial crimes and the challenges authorities face in tracking and prosecuting these schemes. Law enforcement across Asia is intensifying efforts to monitor the flow of digital assets into physical stores of value such as gold and cash. The arrest of Han marks a significant development in the international crackdown on large-scale cryptocurrency laundering and highlights the need for enhanced cross-border cooperation and regulatory tools to combat such transnational operations [2].

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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://mx.advfn.com/bolsa-de-valores/COIN/BTCUSD/crypto-news/96693080/korean-man-arrested-over-50m-crypto-to-gold-laund)