Thai authorities have arrested a South Korean man accused of serving to a name heart gang launder cryptocurrencies into gold value greater than $50 million.
The Technology Crime Suppression Division (TCSD) mentioned officers apprehended Han, 33, at Bangkok’s Suvarnabhumi Airport on Saturday underneath a warrant issued in February, in accordance to a report from The Nation. He faces prices of fraud, pc crimes, cash laundering, and involvement in a prison syndicate.
The case stems from a large-scale name heart rip-off that started in early 2024. Victims had been lured into “funding alternatives” promising 30%–50% returns. Initial 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 ultimately 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.
According to 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. Each laundering spherical reportedly concerned greater than 10 kilograms of gold, valued at about $1 million per transaction.
Han has denied elements of the fees however stays in custody as Thai police proceed investigating the broader community.
Related: Australian regulator orders audit of Binance cash laundering controls
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 Office filed prices for fraud, cash laundering and arranged crime, searching for the confiscation of almost $40 million in illicitly obtained belongings.
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 vehicles and $3.13 million in frozen financial institution deposits.
Prosecutors mentioned the group laundered the funds by changing money into overseas forex after which shopping for USDt by native change BiXiang Technology earlier than transferring the belongings overseas.
Magazine: Australian regulator orders audit of Binance cash laundering controls
