Thai Authorities Nab Crypto Launderer Linked to Million-Dollar Gold Scheme
Police in Thailand recently apprehended a South Korean man suspected of a massive crypto laundering operation. The suspect, identified as Han, allegedly converted over $47 million in crypto into gold in just three months.
Arrest Details: On August 23, Han was detained at Suvarnabhumi Airport. He is alleged to have acted as a key player in funneling funds through a refined cross-border crypto-to-gold scheme.
Between January and March 2024, crypto wallets tied to Han reportedly processed 47 million USDT. these funds were then used to buy gold in at least 30 transactions, each involving a minimum of 10 kilograms.
- Authorities suspect Han coordinated with foreign gold vendors.
- He facilitated shipping to unknown scam operators.
- Investigators found his phone contained access to multiple crypto accounts.
Han claimed he studied in China for six years and worked for a south Korean company specializing in converting illegal digital assets into tangible goods.
The scam network began in 2024, targeting victims with easy online tasks and initial payouts. Later, scammers promised massive returns on crypto “projects,” freezing victim accounts afterward.
Ten arrests linked to this scheme have been made, with five accused of money laundering and others operating mule bank accounts.
TCSD commander Pol Maj Gen Athip Phongsiwapai stated Han faces fraud, impersonation, and money laundering charges. Authorities are exploring new evidence from seized devices.
