Arrest at Bangkok Airport

Thai police have arrested a South Korean man accused of helping a criminal gang launder more than $50 million worth of cryptocurrencies into gold.
The Technology Crime Suppression Division (TCSD) confirmed that officers detained 33-year-old Han at Bangkok’s Suvarnabhumi Airport on Saturday, acting on a warrant issued in February. He now faces multiple charges, including fraud, computer crime, money laundering, and involvement in an organised syndicate.

Scam Network Promising High Returns

Authorities said the case is linked to a major call centre scam that began in early 2024. Victims were persuaded to invest in schemes offering unrealistic returns of 30 to 50 per cent. Early investors received small payouts to build trust, but when deposits increased, withdrawals were blocked on the pretext that customers had failed to meet certain requirements.
Dozens of complaints eventually reached the TCSD, triggering a large-scale investigation. So far, ten suspects have been arrested, including five accused of laundering money and five who allegedly provided mule accounts.

Crypto Accounts and Gold Transactions

Investigators tracked Han’s arrival in Thailand and, working with the Immigration Bureau, intercepted him at the airport. His mobile phone, which contained several cryptocurrency accounts linked to the laundering network, was confiscated.
According to reports, Han studied in China before joining a South Korean company that converted cryptocurrencies into gold for the scam syndicate. He allegedly oversaw accounts that received victim funds, which were then used to buy gold from overseas suppliers. The gold was shipped back to the criminal network, effectively concealing the origin of the illicit proceeds.
Between January and March 2024, Han’s accounts reportedly processed about 47.3 million USDT. Each laundering cycle involved more than 10 kilograms of gold, valued at roughly $1 million per transaction.

Ongoing Investigation

Although Han has denied parts of the allegations, he remains in custody as Thai authorities continue to unravel the wider network. The case highlights how digital assets are being exploited in increasingly sophisticated cross-border fraud schemes.

Taiwan’s Largest Crypto Laundering Case

Meanwhile, prosecutors in Taiwan have charged 14 people in what they describe as the country’s biggest cryptocurrency laundering case, with losses exceeding $70 million and more than 1,500 victims.
The Shilin District Prosecutor’s Office filed charges of fraud, money laundering, and organised crime, while seeking the confiscation of nearly $40 million in illicit assets. Investigators also moved to seize 640,000 USDT, undisclosed amounts of Bitcoin and Tron, $1.8 million in cash, two luxury vehicles, and $3.13 million frozen in bank deposits.
Prosecutors said the group laundered money by converting cash into foreign currency and purchasing USDT through local exchange BiXiang Technology, before transferring the funds abroad.

Both the Thai and Taiwanese cases illustrate growing concerns across Asia about the misuse of cryptocurrencies for large-scale scams and money laundering, as authorities tighten their grip on financial crime in the digital age.