South Korean Man Arrested in Thailand Over $50M Crypto-to-Gold Laundering Scheme

A 33-year-old South Korean national, identified as Han, was arrested at Suvarnabhumi Airport in Bangkok on allegations of orchestrating a $50 million cryptocurrency-to-gold money laundering operation. Han was detained on August 16 after arriving in Thailand, with police coordinating with immigration authorities to intercept him at the airport checkpoint. His mobile phone was seized, revealing multiple cryptocurrency accounts linked to the scheme [3]. Thai police have since charged him with fraud, computer crimes, money laundering, and participation in a criminal organization [3].

According to the Technology Crime Suppression Division (TCSD) of the Thai police, Han operated in coordination with a larger criminal syndicate that conducted call center scams, deceiving victims into fake investment opportunities. Between January and March of this year, nearly $47.3 million in Tether (USDT) was reportedly moved through Han’s accounts [3]. The illicit funds were then converted into physical gold, with each laundering transaction reportedly involving more than 10 kilograms of gold, worth approximately $1 million per shipment [3]. The operation was designed to obscure the origins of the funds by converting digital assets into a tangible commodity that could be more easily moved across borders.

The case began after multiple victims came forward with complaints about a call center scam that started in early 2024. Scammers promised high returns of 30 to 50 percent on investments, initially making small payouts to lure victims into investing more. Eventually, withdrawals were blocked under false pretenses, leaving dozens of individuals with significant financial losses. Thai police followed the money trail, leading to the arrest of ten suspects prior to Han, including five individuals accused of laundering and five who had let their bank accounts be used for the scheme.

This arrest is considered one of the largest cryptocurrency money laundering cases in Thailand’s history. It highlights a growing trend of cross-border financial crime involving digital assets, where criminals exploit the anonymity of crypto to facilitate traditional laundering methods. Authorities emphasized the role of technology in tracking digital transactions and tracing the movement of illicit funds across jurisdictions [3]. The case also underscores the intersection of digital and physical assets, where cryptocurrency is converted into gold to evade regulatory oversight.

The suspect previously studied in China before joining a South Korean firm that specialized in cryptocurrency-to-gold conversions. Police believe this background provided him with the expertise necessary to manage the complex money laundering network [3]. Han has denied some of the charges but remains in custody while the investigation continues. Authorities have not ruled out further arrests.

In a broader context, the Thai Securities and Exchange Commission (SEC) has recently initiated a public consultation on new regulations to govern the issuance of utility tokens by crypto exchanges and their partners. This move aims to enhance oversight and prevent similar fraudulent activities in the future [3]. The case has also drawn attention to the global fight against crypto-related crimes, with Interpol recently announcing the arrest of 1,209 suspected cybercriminals in its Operation Serengeti 2.0, which targeted 88,000 victims and recovered $97.4 million [3].

Source:

[1] Korean man arrested over $50M crypto-to-gold laundering (https://cointelegraph.com/news/thai-police-arrest-korean-man-50m-crypto-gold-laundering)

[2] South Korean Man Arrested in Thailand Over $50 Million ... (https://www.binance.com/en/square/post/08-23-2025-south-korean-man-arrested-in-thailand-over-50-million-cryptocurrency-money-laundering-case-28700270795490)

[3] Thai police arrest a South Korean man suspected of a $50 ... (https://www.chaincatcher.com/en/article/2199866)

[4] Thai Police Uncover $50M USDT-to-Gold Laundering ... (https://www.ainvest.com/news/thai-police-uncover-50m-usdt-gold-laundering-scheme-call-center-scam-2508/)