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- Thai police arrested a South Korean man linked to a billion-baht crypto laundering scheme.
- The scam used call centers to trick victims into fake investments, later converting crypto into gold.
- The case highlights growing concerns over cryptocurrency’s role in global fraud networks.
According to the report, Police officers from the Technology Crime Suppression Division (TCSD) arrested Han, a 33-year-old South Korean national, at Suvarnabhumi Airport on Saturday. Authorities acted under a warrant issued by the crypto Criminal Court earlier this month.
Charges are fraud, impersonation by false online information, money laundering, and membership in a criminal organization. Officers were told that Han would be flying in on a plane inbound from South Korea.
The TCSD worked with the Immigration Bureau to intercept him at the checkpoint. Officers seized his mobile phone, which contained several cryptocurrency accounts and transaction records.
Thai Probe Uncovers Crypto Fraud and Gold Laundering
The detention is in connection to a larger investigation that began in February 2024. The victims, in quest for extra income, registered for an investment program that promised high returns between 30% and 50%. The organizers sent small amounts at the onset. As trust grew, the victims invested further amounts but could later not redeem their money.
Scammers told them that they didn’t meet outlined conditions. The victims learned of the scam fraud when they investigated. The investigation led to 10 previous arrests, including five who handled money transfers and five money mules who were listed on the accounts.
Han disclosed that he had spent six years in China studying before he returned to South Korea. He then worked in a group that exchanged digital currencies for gold bullions. Some of the things he used to do included setting up crypto wallets, receiving the amount from the call centre gang, and helping the company purchase gold from international providers. The gold was then reshipped back to the gang.
Each transaction was for the trade in 10 kilograms of gold worth about 33 million baht per exchange. Within the three-month period from January to March 2024, the accounts of Han enabled about 47.3 million USDT, or almost 1.65 billion baht. The total proceeds, the police are sure, were converted to gold for the syndicate.
Paul Krugman Renews Warnings on Crypto Risks
In the past few months, there was an announcemant have beenbacklash against cryptocurrencies. Nobel Prize-winning economist Paul Krugman has been warning about their risks for years. To him, digital currencies enable crime, squander resources, and are unreliable as money.
His routine critiques characterize crypto hype-besotted, bubble-prone, and perilous for gullible individuals. For the government in Thailand, the new detention reinforces concerns the new digital currencies have regarding international organized crime.
The scale of the laundering highlights how quickly criminals move funds across borders. Investigators now aim to trace the network’s full operations and prevent further losses for unsuspecting investors.
Related Reading: Bitcoin Platform Odin.fun Loses $7M in Massive Hack – Funds Drained!
