Thai Authorities Nab South Korean National Accused of Laundering $50 Million in Cryptocurrency Through Gold Bars

South Korean Man Arrested in Thailand Over $50 Million Crypto-to-Gold Laundering Scheme

A 33-year-old South Korean national, identified as Han, was detained at Bangkok’s Suvarnabhumi Airport after being accused of laundering more than $50 million in cryptocurrency into gold bars.

Thai authorities allege Han played a central role in a call centre fraud network that promised victims high returns of 30–50%, initially paying out small amounts to gain trust before blocking larger withdrawals.

How Was Crypto Converted Into Gold

Investigators revealed that Han’s operation moved over 47.3 million USDT, a dollar-pegged stablecoin, into physical gold between January and March 2024.

Each gold transaction reportedly involved more than 10 kilograms, valued at over $1 million.

Police say the gold was sourced from overseas vendors and then distributed to scam operators, allowing illicit funds to be transferred across borders while avoiding detection.

Source: Pexels

Charges and Arrest Details

Han faces multiple charges, including fraud, impersonation, computer crimes, money laundering, and participation in a criminal syndicate.

The arrest follows a warrant issued in February 2025 by the Thai Criminal Court.

Alongside Han, authorities have already apprehended ten other individuals connected to the scam, including five suspected launderers and five account holders used as money mules.

Victims Targeted With High-Yield Promises

The scheme reportedly lured victims through promises of part-time income from boosting social media engagement, which then led to larger investments in purportedly high-yield schemes.

While early payments created a false sense of legitimacy, requests to withdraw larger sums were denied under fabricated compliance rules.

Complaints from victims prompted the Technology Crime Suppression Division (TCSD) to launch a full investigation.

Growing Concern Over Cross-Border Crypto Crime

Thailand’s authorities emphasised the difficulty of tracking cryptocurrency when converted into physical assets such as gold.

This case reflects a wider trend in cross-border digital asset crimes, where the anonymity and speed of crypto transactions allow fraudsters to evade traditional financial oversight.

Regional law enforcement has been increasing scrutiny, with similar cases in Taiwan involving $70 million in crypto being investigated.

Crypto Tourism and Regulation in Thailand

The arrest comes as Thailand moves to expand its crypto sector to support tourism.

Source: The​ Nation

The Finance Ministry recently announced an 18-month pilot program allowing tourists to convert cryptocurrency into baht via local exchanges, capped at 550,000 baht (around $17,000) per conversion to prevent illicit activity.

Authorities are balancing innovation with caution as crypto-related scams continue to make headlines.

South Korea’s Crypto Scam Record

Han’s case is not an isolated incident.

Less than a year ago, South Korean police arrested over 200 people in a separate crypto scam that stole $228 million, marking the country’s largest cryptocurrency fraud to date.

Experts warn that cross-border schemes and the rapid growth of digital assets make global enforcement increasingly challenging.

Han remains in custody in Bangkok as authorities continue to investigate additional individuals linked to the laundering network.

Police have seized his phone and cryptocurrency account records to support further prosecution.