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

Thai authorities have arrested a 33-year-old South Korean man for his alleged involvement in a $50 million cryptocurrency-to-gold money laundering scheme [1]. The suspect, known as Han, was apprehended at Bangkok’s Suvarnabhumi Airport in coordination with the Immigration Bureau following an arrest warrant issued in February [1]. Han now faces multiple charges, including fraud, computer crimes, money laundering, and participation in an organized crime syndicate [1].

The scheme is tied to a call center fraud that began in early 2024, during which victims were enticed with fake investment opportunities offering returns of 30%–50% [1]. Initial profits were used to create a false sense of legitimacy, but as deposits grew, withdrawals were blocked under fabricated compliance violations [1]. The Technology Crime Suppression Division (TCSD) received multiple complaints, triggering an investigation that has led to the arrest of ten individuals so far, including five suspected launderers and five mule account holders [1].

During the investigation, Thai police uncovered Han’s role in managing cryptocurrency accounts that processed approximately 47.3 million USDT between January and March 2024 [1]. These funds were reportedly used to purchase gold in transactions valued at about $1 million each, with the gold allegedly bought from overseas suppliers and then sent back to the criminal network [1]. Police seized Han’s mobile phone, which contained multiple crypto accounts connected to the laundering operation [1].

Han, who previously studied in China before working for a South Korean firm that converted cryptocurrencies into gold, has denied some of the charges but remains in custody while authorities continue their probe into the broader network [1]. His arrest reflects increasing international cooperation in combating cryptocurrency-based financial crimes [1].

The case also highlights the vulnerabilities in centralized exchanges and the challenges authorities face in tracing digital assets. As cryptocurrencies become more widely adopted, their pseudonymity continues to be exploited by criminal actors for illicit purposes [1]. The broader implications suggest that law enforcement will need to further adapt to the evolving methods used by syndicates to launder digital assets through traditional commodities such as gold.

Sources:

[1] Cointelegraph, [https://cointelegraph.com/news/thai-police-arrest-korean-man-50m-crypto-gold-laundering](https://cointelegraph.com/news/thai-police-arrest-korean-man-50m-crypto-gold-laundering)