South Korean Accused of Laundering $50 Million by Converting Bitcoin to Gold

Authorities in Thailand arrested a South Korean for laundering $50 million by converting cryptocurrency to gold.

Authorities in Thailand have arrested a South Korean national accused of laundering 1.6 billion baht (~$50 million) for a call centre gang. He allegedly exchanged cryptocurrency for gold bars.

Thai police have arrested a 33-year-old South Korean man for allegedly laundering cryptocurrency for call-centre gangs by converting it into gold bars, with transactions worth more than 1.6 billion baht over a three-month period.

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Officers from the Technology Crime Suppression Division and the Immigration Bureau apprehended the suspect upon his arrival at Suvarnabhumi Airport.

The 33-year-old, identified by the surname Han, is suspected of fraud, identity theft, and money laundering.

The case is linked to a wave of phone scams reported to Thai police starting in February 2024. Victims were lured with “investment opportunities” promising returns of 30–50%.

Initially, victims were paid with funds from other deposits, but as the amounts grew, the funds were blocked.

The investigation has already led to the arrest of 10 other suspects, including those involved in money laundering and owners of shell accounts.

During questioning, Han stated that he studied in China for six years before working for a group in South Korea that specialised in laundering digital assets through physical gold. He allegedly managed cryptocurrency accounts where victims’ funds were deposited, which were then used to purchase precious metals from overseas suppliers.

Authorities estimate that from January to March 2024, approximately 47.3 million USDT passed through Han’s accounts. In each laundering round, more than 10 kg of gold was involved for every 1 million USDT, according to law enforcement calculations.

Back in July 2025, in India, an engineer was arrested on charges of operating a darknet marketplace. He used the privacy coin Monero for money laundering.