Thai police have arrested a 33-year-old South Korean man accused of helping a call center gang launder over $50 million in cryptocurrencies through gold.
According to The Nation, the Technology Crime Suppression Division (TCSD) detained the suspect, identified as Han, at Bangkok’s Suvarnabhumi Airport on Saturday under a warrant issued in February. He is facing charges of fraud, computer crime, money laundering, and involvement in a criminal syndicate.
The arrest is linked to a large-scale call center scam that began in early 2024. Victims were tricked into “investment schemes” offering returns of 30%–50%. At first, payouts were made to gain trust, but once deposits grew, withdrawals were blocked with excuses about unmet requirements.
Authorities say dozens of complaints led to the investigation, which has already resulted in 10 arrests, five suspected money launderers and five mule account holders.
South Korea Link to $50M Crypto-to-Gold Laundering Scheme
The report said Han had studied in China before working at a South Korean firm that turned cryptocurrency into gold bars for the scam group. He was reportedly in charge of crypto accounts that received money from victims, which was then used to buy gold from overseas suppliers and shipped back to the syndicate.
Investigators believe that between January and March 2024, Han’s accounts handled around $47.3 million in Tether (USDT), which was laundered into gold. Each transaction cycle allegedly involved over 10 kilograms of gold, worth about $1 million per round.
Han has denied some of the allegations but remains in custody while Thai police continue to probe the wider network.
Thailand SEC Blocks Five Major Crypto Exchanges
In May, Thailand’s Securities and Exchange Commission (SEC) said it would block access to five major cryptocurrency exchanges, Bybit, 1000X, CoinEx, OKX, and XT.COM, for operating without licenses in the country.
The ban, which takes effect on June 28, will make these platforms inaccessible to Thai users. Regulators explained that the decision is part of a wider push to curb money laundering and safeguard retail investors from unlicensed digital asset services.
