Étienne Girard
Thai authorities have arrested a 33-year-old South Korean national, identified as Han, accused of laundering more than $50 million in cryptocurrency by converting it into gold. Han was detained on August 23 at Bangkok’s Suvarnabhumi Airport, where police linked him to a sophisticated crypto-to-gold laundering operation.
Investigators revealed that between January and March 2024, wallets tied to Han processed over 47 million USDT, which were then used to buy gold bars in at least 30 transactions, each involving 10 kilograms or more. Han allegedly worked with overseas gold vendors, helping scam groups move illicit funds across borders.
During the arrest, police seized his phone, which contained multiple crypto wallet logs consistent with large-scale money laundering activities.
Ties to International Scam Networks
Authorities believe Han was deeply connected to call center scam gangs that lured victims with small online tasks before trapping them with fraudulent crypto “investment projects” promising 30–50% returns. Once victims deposited funds, their accounts were frozen and withdrawals blocked.
Ten Arrests Already Made
Thai police had already detained 10 suspects before capturing Han:
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Five individuals were charged with money laundering.
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The others allegedly operated mule bank accounts used to collect scam profits.
Han now faces multiple charges, including fraud, impersonation, and money laundering, according to Pol Maj Gen Athip Phongsiwapai of the Technology Crime Suppression Division (TCSD).
A Global Crackdown on Crypto Crime
Thailand’s investigation is part of a broader international wave against crypto-related fraud:
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In China, a Beijing court recently sentenced seven individuals over a $20 million crypto laundering case tied to a video platform employee.
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In the United States, prosecutors charged a Russian crypto entrepreneur for enabling a $500 million laundering network.
