Authorities uncover major cross-border scam converting digital assets into gold bars
Thai authorities have arrested a 33-year-old South Korean man accused of laundering more than $50 million worth of cryptocurrency into gold, marking one of the country’s most significant digital asset crime cases in recent months.
The suspect, identified as Han, was detained by the Technology Crime Suppression Division (TCSD) at Bangkok’s Suvarnabhumi Airport under a warrant issued earlier this year. He faces multiple charges, including fraud, computer crimes, money laundering, and involvement in a transnational criminal syndicate.
The arrest is linked to a large-scale call center scam that began in early 2024. Victims were promised 30%–50% returns on fake investment schemes, lured by initial payouts that created an illusion of legitimacy. However, as deposits increased, withdrawals were suddenly blocked, with scammers claiming investors had failed to meet certain requirements.
“Dozens of complaints reached authorities, leading to a full-scale investigation and multiple arrests,” said a TCSD spokesperson.
Investigators discovered that Han allegedly managed cryptocurrency accounts that funneled victim funds into gold purchases from overseas suppliers. These gold bars were then shipped back to the syndicate as part of a sophisticated laundering operation.
Between January and March 2024 alone, Han’s accounts processed an estimated $47.3 million in USDT (Tether). Each laundering cycle reportedly involved more than 10 kilograms of gold, valued at approximately $1 million per transaction.
Authorities seized Han’s mobile phone, which contained access to multiple crypto wallets linked to the network. He reportedly joined the operation after working for a South Korean company specializing in cryptocurrency-to-gold conversions.
Han has denied some of the allegations but remains in custody as Thai police continue to probe the syndicate and its international ties.
Crypto-related financial crimes are on the rise, with law enforcement agencies across Asia increasing crackdowns on fraudulent investment networks and laundering operations. In a related case, Taiwanese prosecutors recently indicted 14 individuals for what they described as the country’s largest cryptocurrency money laundering scheme, involving over 1,500 victims and illicit proceeds exceeding $70 million.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
