Thai fraudster commits $ 50 million cryptocurrency scam

A man from South Korea was detained in Bangkok, Thailand, on suspicion of laundering more than $ 50 million in cryptocurrency. The offender converted the stolen funds into precious metals. According to the investigation, he was a key figure in a call center fraud scheme where victims were lured with promises of 30−50% profit. Initially, investors received small payments to build trust, and later faced restrictions on withdrawals.

According to the police, Khan accumulated 47.3 million in the Tether stablecoin, pegged to the US dollar, which he used to buy gold bars weighing more than 10 kg each. The cost of one such transaction exceeded $ 1 million. Gold allowed the criminals to convert illegal cryptocurrency funds into a physical asset that could be moved freely across borders.

Following complaints from victims, the Thai Criminal Court issued arrest warrants for Khan and his accomplices in February. To date, 11 people have been arrested, including him. Khan was detained at Suvarnabhumi Airport in Bangkok. He is charged with fraud, identity theft, computer crimes, money laundering and participation in a criminal group.

According to TRM Labs, in 2024 alone, victims around the world lost $ 10.7 billion due to cryptocurrency fraud, which is 456% more than a year earlier. Experts emphasize that cryptocurrencies have become a catalyst for transnational schemes: transactions are instantaneous, anonymous, and without proper regulatory oversight, which makes them attractive to criminals.

The news comes as Thailand attempts to integrate cryptocurrencies into its economy. The country’s government recently announced an 18-month pilot project that will allow tourists to convert cryptocurrencies into Thai baht to pay local businesses. The limit for such conversions will be 550 thousand baht (approximately $ 17 thousand) to prevent money laundering. Meanwhile, in South Korea itself, less than a year ago, police arrested more than 200 people in a cryptocurrency fraud case worth more than $ 228 million, the largest in the country’s history.