Thai police arrest South Korean man in $50M crypto laundering case, converting digital assets to gold in major scam operation.
Thai police have arrested a 33-year-old South Korean man named Han in a major crypto scam. The arrest happened on August 22, 2025, after an investigation revealed he laundered over 1.6 billion baht, or about $50 million, in crypto for call-center gangs. Han exchanged the digital money to bars of gold within three months. This operation is an indication of the extent to which crypto laundering is becoming serious.
Thai Police Bust $50M Crypto-to-Gold Laundering Scheme
To proceed to more details, the arrest was made after complaints were filed in February 2024. Victims said they were lured into online investment frauds posing as part-time interaction,n like increasing likes and follows. These people were offered high profits of 30-50 percent and were given small initial payouts. The bigger investments were later frozen, leading them to seek the assistance of the police.
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Additionally, Han was involved in the network of scammers. He had researched in China and was a worker in a South Korean company that was a specialist in converting crypto to gold. When he was arrested, police confiscated his mobile device, which had a series of crypto accounts associated with the laundering. Han pleads not guilty to some charges but is still being held in custody as the investigation goes on. Ten other suspects have been arrested so far, five of them launderers and five of them mule account holders.
Moreover, the scheme will show a rising trend of purchasing physical property using crypto, such as gold. Gold is portable and traceable, and therefore, criminals love it. The conversions each involved a minimum of 10 kilograms of gold, worth 34 million baht nowadays. Over January to March 2024, Han had received 47.3 million USDT in various digital assets, which were all assumed to have been laundered into gold on behalf of the gangs.
Crypto Scam Arrest Could Stop Future Crimes
This case also reflects stronger cooperation between Thai police and crypto regulators. The Technology Crime Suppression Division (TCSD) spearheaded the effort, and it turned Han over to investigators to take further action. This collaboration will target breaking the larger network in which the scams operate. Gold has become a laundry tool, and this has become a subject of concern across the world and governments are taking action to work at a higher pace.
Moving on to the effect, such an arrest might scare off other criminals with the same means. More suspects can be identified using the evidence that was seized, including the phone of Han. On the same note, South Korea and Thailand are collaborating to curb cross-border crime. The case is also a notification to investors on the dangers of internet frauds that often portray the promise of huge returns.
Moving forward, police believe they will reveal additional information as the investigation continues. They expect to find foreign partners and reclaim additional stolen funds. The move is one in the direction of cleaning up the crypto market and securing victims. They are essential as deriving trust in crypto is a challenge due to the increase in crypto scams. What is currently on the spotlight is to see all the perpetrators guilty and to stop future incidents.
