Thailand Police Uncover Crypto-to-Gold Laundering Scheme
Authorities reported that wallets linked to Han processed more than $47 million in USDT between January and March 2024. The funds were then used to buy gold in at least 30 separate deals, each involving no less than 10 kilograms.
Investigators from Thailand’s Technology Crime Suppression Division (TCSD) suspect Han collaborated with overseas gold vendors to ship the precious metal to unidentified scam groups. His seized phone contained multiple crypto accounts and wallet records pointing to extensive laundering activities.
Han admitted he studied in China before working for a South Korean company specializing in converting illicit crypto into commodities like gold.
Scam Network Behind the Laundering
Officials believe Han’s actions were tied to international scam call centers. Victims were first paid for simple online tasks but later lured into investing in fake crypto projects that promised returns of up to 50 percent. Eventually, their accounts were frozen, and withdrawals denied.
The network had been operating since early 2024 and is linked to widespread fraud across several countries.
Ten Arrests, More Expected
Prior to Han’s arrest, Thai police detained ten suspects. Five were accused of laundering money, while others managed mule accounts used to collect funds from victims.
TCSD commander Pol Maj Gen Athip Phongsiwapai confirmed that Han faces charges of fraud, impersonation, and money laundering. Authorities are analyzing new leads from devices seized during the arrest.
Global Wave of Enforcement
The Thai operation is part of a broader crackdown on crypto-related crime. In July, a Beijing court sentenced seven people over a $20 million laundering scheme linked to a former video platform employee.
Meanwhile, U.S. authorities charged a Russian crypto entrepreneur in June for facilitating a $500 million laundering network.
