Korean man arrested over $50M crypto-to-gold laundering scheme

Thai authorities have arrested a South Korean man accused of serving to a name middle gang launder cryptocurrencies into gold price greater than $50 million.

The Expertise Crime Suppression Division (TCSD) mentioned officers apprehended Han, 33, at Bangkok’s Suvarnabhumi Airport on Saturday beneath a warrant issued in February, in response to a report from The Nation. He faces costs of fraud, pc crimes, cash laundering, and involvement in a felony syndicate.

The case stems from a large-scale name middle rip-off that started in early 2024. Victims had been lured into “funding alternatives” promising 30%–50% returns. Preliminary payouts created a false sense of safety, however as deposits grew, withdrawals had been blocked with claims that buyers had failed to fulfill necessities.

Dozens of complaints finally reached the TCSD, prompting a probe that has already led to the arrest of ten suspects, together with 5 alleged launderers and 5 mule account holders.

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Thai police seize crypto accounts

Investigators found Han’s arrival in Thailand and coordinated with the Immigration Bureau to detain him on the airport checkpoint. His cell phone, containing a number of crypto accounts tied to the laundering community, was seized.

In accordance with the report, Han beforehand studied in China earlier than becoming a member of a South Korean firm that transformed cryptocurrencies into gold bars for the rip-off community. He allegedly oversaw crypto accounts receiving sufferer funds, which had been then used to buy gold from abroad suppliers earlier than being shipped again to the syndicate.

Authorities estimate that between January and March 2024, Han’s accounts processed roughly 47.3 million USDt (USDT), funneled into gold. Every laundering spherical reportedly concerned greater than 10 kilograms of gold, valued at about $1 million per transaction.

Han has denied elements of the costs however stays in custody as Thai police proceed investigating the broader community.

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Taiwan indicts 14 in crypto cash laundering case

Taiwanese prosecutors have indicted 14 people in what they describe because the nation’s largest cryptocurrency cash laundering case, involving greater than 1,500 victims and over $70 million in illicit proceeds.

The Shilin District Prosecutor’s Workplace filed costs for fraud, cash laundering and arranged crime, in search of the confiscation of practically $40 million in illicitly obtained property.

Authorities additionally requested the seizure of 640,000 USDt, undisclosed quantities of Bitcoin (BTC) and Tron (TRX), greater than $1.8 million in money, two luxurious automobiles and $3.13 million in frozen financial institution deposits.