Police in the Thai capital, Bangkok, have arrested a South Korean national known as Han, suspected of involvement in a large-scale cryptocurrency fraud scheme, Gizmodo reports.
According to Thai law enforcement, Han was a key player in a network of fake call centers that promised investors 30% to 50% returns. Initially, victims were paid small amounts to build trust, and then withdrawal limits were imposed.
Over the course of three months, Han allegedly accumulated $47.3 million in Tether, a stablecoin pegged to the U.S. dollar. He used the funds to buy gold bars weighing more than 10 kg each. The value of individual transactions exceeded $1 million. According to police, the gold served as a means of converting digital assets into physical goods that could be moved across borders without detection.
Following complaints from victims, a Thai criminal court issued an arrest warrant for Han and his accomplices in February. A total of 11 people have been detained in the case. Han was arrested at Bangkok's Suvarnabhumi Airport and faces charges of fraud, impersonation, cybercrime, money laundering and participation in a criminal group.
According to the analytical company TRM Labs, in 2024, victims of cryptocrime around the world lost $10.7 billion. Experts emphasize that the anonymity and instant nature of crypto transfers contribute to the spread of transnational fraud schemes.