Arrest and Charges
Thai authorities arrested a South Korean man identified as “Han” at Bangkok’s Suvarnabhumi Airport on Saturday. He faces charges including fraud, impersonation, computer crimes, money laundering, and participation in a criminal syndicate. An arrest warrant issued in February followed victim complaints regarding withdrawal limits and deceptive promises of high returns. Eleven individuals linked to the call-center network have been detained so far as part of the ongoing investigation.
Scheme Mechanics
Investigators allege that Han and his associates ran a call-center operation promising investors 30–50% returns on digital asset investments. Early victims received small payouts to establish credibility, only to encounter strict withdrawal caps in subsequent transactions. Over a three-month timespan, the group laundered 47.3 million USDT by converting stablecoins into physical gold bars, each valued at over $1 million, avoiding digital traceability and border controls.
Money Laundering via Gold
Authorities report that offenders used gold bars weighing more than 10 kg as a tangible store of value. The precious metal proved an effective conduit for cross-border movement of illicit proceeds. Gold bars were purchased through private dealers and transported illegally across international borders. The modus operandi capitalized on regulatory gaps in physical commodity transfers compared to traceable crypto transactions.
Global Scam Trends
According to TRM Labs, crypto scams cost victims $10.7 billion in 2024, a 456% year-over-year increase. Call-center fraud remains prevalent as criminals exploit stablecoins’ anonymity and borderless nature. Experts warn that rapid adoption of digital currencies without robust compliance frameworks facilitates such schemes. Regulators worldwide are urged to strengthen cross-agency cooperation to intercept asset flows.
Regulatory Response
The Thai Finance Ministry concurrently launched an 18-month pilot program enabling tourists to convert crypto to local currency via licensed exchanges with conversion caps of 550,000 baht to curtail money laundering. South Korea has intensified efforts following a record $228 million crypto scam last year. The recent arrest underscores the urgent need for comprehensive AML measures in decentralized finance sectors globally.
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