Thai Police Arrest South Korean Man for $50M Crypto-to-Gold Laundering Scam
Thai authorities have arrested a 33-year-old South Korean man, Han, for allegedly helping a call center scam launder over $50 million in cryptocurrencies into gold. The scam, active since early 2024, promised victims high investment returns, but blocked withdrawals once deposits grew. Han was apprehended at Bangkok’s Suvarnabhumi Airport, and his mobile containing multiple crypto accounts tied to the laundering network was seized. Investigators say he oversaw the conversion of USDT into gold bars, with each transaction involving over 10 kilograms of gold, valued at about $1 million. Han remains in custody as authorities continue probing the broader syndicate.