The 33-year-old suspect, identified only as Han, was arrested at Bangkok’s Suvarnabhumi Airport under a warrant issued earlier this year, according to local media. He now faces charges of fraud, money laundering, computer crimes, and participating in a criminal syndicate.

Investigators say the case traces back to a scheme launched in early 2024, where victims were enticed with investment offers promising returns of 30%–50%. Early payouts convinced many that the opportunities were legitimate, but once deposits grew larger, withdrawals were blocked under the guise of “unmet requirements.”

The scam triggered dozens of complaints, leading Thailand’s Technology Crime Suppression Division (TCSD) to open a full-scale probe. Ten people have already been detained — five alleged launderers and five mule account holders — with Han now added to the list of suspects.

Crypto Funneled Into Gold

Authorities allege Han managed multiple cryptocurrency wallets used to channel victim funds into purchases of gold from overseas suppliers. The gold was then shipped back to the criminal network. Between January and March 2024 alone, Han’s accounts reportedly processed more than $47 million worth of USDT, with each laundering round involving over 10 kilograms of gold valued at roughly $1 million per transaction.

Police seized Han’s phone, which contained access to several crypto accounts linked to the operation. Despite denying some of the charges, he remains in custody as investigations continue.

Taiwan Exposes Its Largest Crypto Laundering Network

Meanwhile, Taiwanese prosecutors have indicted 14 people in what they describe as the country’s biggest crypto laundering case to date. The Shilin District Prosecutor’s Office alleges that more than 1,500 victims were defrauded out of $70 million, with nearly $40 million in illicit assets now subject to confiscation.

Authorities said the group laundered cash by converting it into foreign currency before purchasing USDT through local exchange BiXiang Technology and sending it abroad. Assets seized include 640,000 USDT, undisclosed amounts of Bitcoin and Tron, $1.8 million in cash, two luxury cars, and $3.13 million in frozen deposits.

Both cases highlight how crypto continues to be exploited by transnational fraud networks — and how law enforcement across Asia is stepping up to track the flow of digital assets into traditional stores of value like gold and cash.

The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.

The post South Korean Man Arrested in Thailand Over $50M Crypto Fraud appeared first on Coindoo.

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Filed under: Bitcoin - @ August 23, 2025 4:01 pm