Thai authorities arrested a South Korean citizen accused of assisting a call center money laundering scheme involving over 50 million USD in gold; Taiwan simultaneously prosecuted 14 individuals in the country's largest cryptocurrency money laundering case.
The case exposes how gangs use USDT to gather victims' funds, buy gold through foreign suppliers, and then transfer it back to the organization. Authorities have seized many cryptocurrency accounts, cash, luxury cars, and frozen bank deposits.
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Thailand arrested Han, 33, at Suvarnabhumi Airport, accused of laundering cryptocurrency into gold, with a scale of 47.3 million USDt (USDT) just in Q1 2024.
Taiwan prosecuted 14 people, accused of laundering over 70 million USD, seizing many assets including USDT, BTC, TRX, cash, and frozen bank deposits.
Common scheme: promise high returns of 30%-50%, initial payments to build trust, then block withdrawals, legitimize through a series of gold purchases, and transfer assets abroad.
Who is involved in the arrests in Thailand?
The arrested individual is Han, 33, a South Korean citizen, accused of fraud, computer crimes, money laundering, and participating in organized crime, according to an arrest warrant issued in February.
Han was arrested at Suvarnabhumi Airport in Bangkok after the Technology Crime Suppression Division (TCSD) coordinated with the Immigration Bureau.
The case originated from a call center scheme operating since early 2024, luring victims into 'investment opportunities' promising 30%-50% returns, then locking withdrawals under the pretext of not meeting conditions.
What did Han allegedly do in the money laundering scheme?
He is suspected of assisting in converting victims' cryptocurrency into gold through a South Korean company, before the gold was transferred back to the gang.
According to the investigation, Han studied in China and then worked for a South Korean company specializing in converting cryptocurrency to gold bars, managing cryptocurrency accounts receiving money from victims, and then purchasing gold from foreign suppliers to transfer back to the organization.
How did Thai police seize cryptocurrency accounts?
TCSD discovered Han's entry schedule and coordinated to intercept him at the checkpoint. Han's phone, which contained multiple cryptocurrency accounts linked to the money laundering network, was seized.
Seizing phones is considered key to tracing money flows and identifying related wallets and exchanges. This is a common measure to preserve digital evidence and assist in analyzing cryptocurrency transaction chains.
What are the transaction sizes and figures that have been disclosed?
Authorities estimate that from January to March 2024, accounts controlled by Han processed around 47.3 million USDt (USDT), which were then converted into gold.
Each money laundering round is said to involve over 10 kg of gold, worth about 1 million USD per transaction. Dozens of complaints sent to TCSD led to an investigation and the arrest of 10 suspects earlier, including 5 accused of money laundering and 5 account holders.
How did Han respond and what is the status of the investigation?
Han partially denies the accusations but remains in custody while Thai police continue to expand their investigation.
The detention is aimed at preventing witness tampering, destroying evidence, and supporting international coordination, as the gold supply chain and cryptocurrency wallets may be linked to multiple jurisdictions.
Why do criminals prefer laundering money through gold and stablecoins?
Gold has high liquidity, is easily valued globally, and helps transfer assets cross-border; stablecoins like USDT allow for quick transfers, low fees, and irreversible transactions.
International reports note risks: FATF had previously warned that precious metals are a money laundering channel due to the ability to legitimize origins through invoices and suppliers (FATF, 2015, 2023).
Chainalysis reported that USDT on Tron is often favored by criminals due to low fees and high speed, supporting online fraud schemes (Chainalysis, Crypto Crime Trends 2024).
Who has Taiwan prosecuted and why is this case considered the largest?
The Shilin District Prosecutor's Office prosecuted 14 people in Taiwan's largest cryptocurrency money laundering case, involving more than 1,500 victims and a total of illicit funds exceeding 70 million USD.
Defendants face charges of fraud, money laundering, and organized crime. Prosecutors request the confiscation of nearly 40 million USD in illicit assets, reflecting the significant scale of the scheme and damage to victims domestically.
What assets are being requested for seizure in the Taiwan case?
Authorities requested the seizure of 640,000 USDt, undisclosed amounts of Bitcoin (BTC) and Tron (TRX), over 1.8 million USD in cash, 2 luxury cars, and 3.13 million USD in frozen bank deposits.
This asset complex shows the scheme uses both cryptocurrency and fiat currency in parallel, while also converting between storage channels to distribute the risk of detection.
How did the group in Taiwan transfer money abroad?
According to the prosecutor, the group transfers money by exchanging cash for foreign currency, buying USDt through the local platform BiXiang Technology, and then transferring assets abroad.
This model utilizes the domestic exchange to enter stablecoins, then transfers to offshore wallets, complicating recovery efforts and requiring international judicial cooperation and blockchain tracing.
How does the 30%-50% interest trick work?
The gang builds trust with initial payments to investors, then increases deposits and blocks withdrawals under the pretext of not meeting requirements.
This is a variant of the high-risk investment scheme that preys on the psychology of quick profit. When the cash flow is large enough, the perpetrator cuts off contact and legitimizes the source of funds through gold purchases or transfers through multiple layers of cryptocurrency.
Quick comparison table of the cases in Thailand and Taiwan
Below are key points to compare the scale, methods, and measures taken by authorities.
Criteria Thailand Taiwan Main subject Han, 33, South Korean citizen 14 defendants prosecuted Financial scale ≈ 47.3 million USDt (USDT) in Q1 2024; total damage > 50 million USD through gold > 70 million USD in illicit funds Method Exchange USDT for gold, transport back to the organization Exchange cash for foreign currency, buy USDT through BiXiang, transfer abroad Seized assets Phones containing multiple cryptocurrency accounts 640,000 USDt, BTC, TRX, > 1.8 million USD in cash, 2 luxury cars, 3.13 million USD in frozen deposits Legal status Arrested under a February warrant, temporarily detained for investigation Indicted, requesting the confiscation of nearly 40 million USD
What signs should investors be aware of to avoid investment traps?
Avoid promises of 30%-50% returns, requests for additional deposits to unlock withdrawals, pressure to transfer to external wallets, and lack of transparent legal information.
If the platform lacks a license, does not disclose risks, supports requests to convert to USDT/TRX off the system, or obscures the identity of the team, consider that a high-risk sign. Keep a comprehensive transaction history to assist authorities when needed.
What role does international cooperation play in such cases?
It plays a crucial role because cash flow, gold, and servers often span multiple countries, requiring mutual legal assistance and data sharing.
Coordination between immigration authorities, technology crime investigation units, and exchanges is essential to timely block and prevent asset dispersion. FATF's recommendations on VASP oversight help standardize coordination processes (FATF, 2023).
Frequently asked questions
How are USDT, BTC, and TRX used in these cases?
USDT is often a channel for gathering money and transferring value quickly, while BTC/TRX can be used as intermediaries. Authorities rely on blockchain data to trace related wallets.
Why do the gangs launder money through gold?
Gold is easily transferable, highly liquid, and can be legitimized with invoices from foreign suppliers, making tracing money flows more complicated than fiat currency.
How to recognize a high-yield fraud scheme?
Signs include promises of excessively high fixed returns, early payments to build trust, requests for additional deposits, and withdrawal locks for technical reasons or 'not meeting conditions'.
If I am a victim, what should I do?
Stop transactions, preserve evidence (messages, wallet addresses, invoices), report immediately to authorities and notify banks/exchanges to assist in blocking.
What agency is TCSD in Thailand?
TCSD is the Technology Crime Suppression Division of Thailand, responsible for investigating technology crimes, online fraud, and money laundering related to cryptocurrencies.
Source: https://tintucbitcoin.com/nguoi-dan-ong-han-quoc-bi-bat-vi-rua-tien/
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