Crypto Fraud Suspect Caught in Thailand Over $50M Gold Laundering Plot

TLDR

• Thai police arrest Korean suspect accused of laundering $50M in crypto to gold.

• Han allegedly moved 47.3 million USDT into gold between Jan and Mar 2024.

• He was detained at Suvarnabhumi Airport under a February court warrant.

• Scam network promised 30–50% returns and blocked withdrawals after deposits.

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Thai police arrested a 33-year-old South Korean national suspected of laundering more than $50 million in cryptocurrency into gold. Authorities identified the suspect as Han and detained him on Saturday at Suvarnabhumi Airport.

Han was wanted on charges including fraud, impersonation, computer crimes, money laundering, and participation in a criminal syndicate. The arrest followed a warrant issued by the Thai Criminal Court in February 2025. Police say Han played a key role in a scam network targeting victims through call centers.

Crypto Used to Buy Gold Bars for Criminal Network

Investigators allege Han helped convert digital assets into physical gold to move illicit funds outside financial systems. According to police, between January and March 2024, Han’s crypto accounts processed over 47.3 million USDT, used to buy more than 30 gold transactions totaling over $50 million.

Thai authorities say Han worked with a group that sourced gold from overseas vendors, which was then delivered to scam operators. Each purchase reportedly involved over 10 kilograms of gold, worth more than $1 million per transaction.

Han told police he had previously studied in China for six years before working for a South Korean company specializing in crypto-to-gold conversions. His phone, seized during the arrest, contained several crypto wallet records tied to the laundering activities.

Investment Crypto Fraud Promised High Returns

The case is linked to a large call center scam that started in early 2024. Victims were initially offered part-time income by boosting social media engagement. Later, they were persuaded to invest funds in what appeared to be high-yield schemes offering 30–50% returns.

Victims received early payments to build trust, but larger deposits were eventually frozen. Withdrawal requests were denied under false pretenses. As more complaints were filed, Thailand’s Technology Crime Suppression Division (TCSD) opened an investigation.

The probe has led to 10 prior arrests—five individuals identified as launderers and five others who held mule bank accounts. Han is believed to be a major facilitator for the laundering network linked to these scams.

International Crypto Crime on the Radar

This arrest comes amid broader efforts to investigate cross-border digital asset crime in the region. In Taiwan, prosecutors recently charged 14 people involved in laundering over $70 million in crypto. Authorities in both countries are intensifying scrutiny of how digital assets are moved, exchanged, or converted into other assets.

In Thailand, the Department of Special Investigation and TCSD continue to monitor digital transactions that could be part of broader financial crime operations. Crypto-related fraud remains a concern for regional law enforcement, especially when linked to organized online crime rings operating across multiple countries.

Han remains in custody and is being questioned further by TCSD officers. Legal proceedings are ongoing, and the case may expand as authorities track additional individuals tied to the same laundering network.

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