A South Korean man has been arrested in Thailand for his role in a major crypto money laundering scheme that turned over $50 million worth of digital coins into gold. Police say the suspect, identified only as Han, 33, was detained at Suvarnabhumi Airport in Bangkok under a warrant issued in February. Crypto to Gold Network Uncovered The arrest was made by the Technology Crime Suppression Division (TCSD). Officers say Han worked with a call center gang that tricked victims into fake investment plans. He is accused of handling several cryptocurrency accounts that collected the stolen funds. Those assets were then used to buy gold from suppliers overseas before being shipped back to the group. Investigators say that between January and March this year, nearly $47.3 million in Tether (USDT) was moved through Han’s accounts. Each round of laundering was said to involve more than 10 kilograms of gold, worth about $1 million per transaction. Han’s phone was seized during his arrest, and police say it contained multiple accounts tied to the scheme. Han had previously studied in China before joining a South Korean company that dealt with cryptocurrency-to-gold conversions. Police believe this background helped him manage the network. He now faces charges of fraud, money laundering, computer crimes, and involvement in a criminal group. In another major news, Interpol arrested 1,209 suspected cybercriminals in Operation Serengeti 2.0, which targeted 88,000 victims. The operation recovered $97.4 million and shut down 11,432 malicious networks. Victims of Call Center Scam The case began after several complaints were filed against a call center scam that started in early 2024. Victims were told they could earn high profits of 30 to 50 percent from investments. At first, small payouts were made, which convinced people to put in more money. Later, withdrawals were blocked with claims that investors had not met conditions. The scam left dozens of people with heavy losses. TCSD investigators followed the money trail, which led to the arrest of ten suspects before Han, including five people accused of laundering money and five who let their bank accounts be used. Police say this is one of the biggest crypto money laundering cases handled in Thailand. Meanwhile, earlier this year, Thailand’s Securities and Exchange Commission (SEC) opened a public consultation on new rules to regulate the issuance of utility tokens by crypto exchanges and their partners. The move was part of efforts to curb scam cases in the country. Regional Action Against Crypto Laundering Other countries in the region are facing similar cases. In Taiwan, prosecutors recently charged 14 people in what they called the country’s largest cryptocurrency laundering case. More than 1,500 victims were affected, with over $70 million in illegal funds traced. Seized items included cash, luxury cars, and frozen bank accounts. Han has denied parts of the charges but remains in custody. Thai police say their investigation is still ongoing and more arrests may follow. In related news, Australia’s financial regulator ASIC has intensified its crackdown on online scams, shutting down 14,000 fake websites since July 2023. More than 3,000 of those sites were linked to cryptocurrency. The post Korean Man Arrested in $50 Million Crypto Money Laundering Case appeared first on TheCoinrise.com .
