Thai authorities have arrested a South Korean man, accusing him of helping a call center gang launder cryptocurrency into gold worth over $50 million.
The Technology Crime Suppression Division (TCSD) stated that police arrested 33-year-old Han at Suvarnabhumi Airport in Bangkok on Saturday based on an arrest warrant issued in February, according to the National News. He faces charges of fraud, computer crimes, money laundering, and involvement in a criminal organization.
The case stems from a large-scale call center scam that began in early 2024. Victims were lured into participating in "investment opportunities" promising returns of 30%-50%. Initial payments created a false sense of security, but as deposits grew, withdrawals were blocked, claiming that investors failed to meet requirements.
Dozens of complaints eventually reached the TCSD, prompting an investigation that has led to the arrest of 10 suspects, including 5 alleged money launderers and 5 holders of dummy accounts.
Investigators found that Han arrived in Thailand and coordinated with the immigration bureau to detain him at the airport checkpoint. His phone was confiscated, containing multiple cryptocurrency accounts related to the money laundering network.
Reports indicate that Han previously studied in China and later joined a South Korean company that converted cryptocurrency into gold bars for the scam network. He is suspected of overseeing cryptocurrency accounts that received victim funds, which were then used to purchase gold from overseas suppliers and shipped back to the criminal group.
Authorities estimate that between January and March 2024, Han's accounts processed approximately $47.3 million in USDT, converted into gold. Each round of money laundering reportedly involved over 10 kilograms of gold, with each transaction valued at about $1 million.
Han denies some of the charges but remains detained as Thai police continue to investigate the broader network.
Prosecutors in Taiwan have filed lawsuits against 14 individuals, claiming this is the region's largest cryptocurrency money laundering case, involving over 1,500 victims and more than $70 million in illegal proceeds.
The Shilin District Prosecutor's Office has charged them with fraud, money laundering, and organized crime, seeking the confiscation of nearly $40 million in illegally obtained assets.
Authorities have also requested the seizure of 640,000 USDT, an undisclosed amount of Bitcoin (BTC) and TRON (TRX), over $1.8 million in cash, two luxury cars, and $3.13 million in frozen bank deposits.
Prosecutors stated that the gang laundered money by exchanging cash for foreign currency, then purchasing USDT through the local exchange BiXiang Technology, and subsequently transferring the assets overseas.
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Original: “South Korean Man Arrested for $50 Million Crypto-Gold Laundering Scheme”
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