Thailand Police Arrest Key Suspect in $50M Crypto-to-Gold Laundering Ring

Thailand Police Uncover Crypto-to-Gold Laundering Scheme Authorities reported that wallets linked to Han processed more than $47 million in USDT between January and March ￰0￱ funds were then used to buy gold in at least 30 separate deals, each involving no less than 10 ￰1￱ from Thailand’s Technology Crime Suppression Division (TCSD) suspect Han collaborated with overseas gold vendors to ship the precious metal to unidentified scam ￰2￱ seized phone contained multiple crypto accounts and wallet records pointing to extensive laundering ￰3￱ admitted he studied in China before working for a South Korean company specializing in converting illicit crypto into commodities like ￰4￱ Network Behind the Laundering Officials believe Han’s actions were tied to international scam call ￰5￱ were first paid for simple online tasks but later lured into investing in fake crypto projects that promised returns of up to 50 percent.

Eventually, their accounts were frozen, and withdrawals ￰6￱ network had been operating since early 2024 and is linked to widespread fraud across several ￰7￱ Arrests, More Expected Prior to Han’s arrest, Thai police detained ten ￰8￱ were accused of laundering money, while others managed mule accounts used to collect funds from ￰9￱ commander Pol Maj Gen Athip Phongsiwapai confirmed that Han faces charges of fraud, impersonation, and money ￰10￱ are analyzing new leads from devices seized during the ￰11￱ Wave of Enforcement The Thai operation is part of a broader crackdown on crypto-related ￰12￱ July, a Beijing court sentenced seven people over a $20 million laundering scheme linked to a former video platform employee.

Meanwhile, ￰13￱ charged a Russian crypto entrepreneur in June for facilitating a $500 million laundering network.