Thai Police Dismantle $15M Crypto Fraud Ring Targeting South Koreans

Thai authorities have dismantled a sophisticated fraud operation that siphoned $15 million from over 870 South Korean victims. The criminal network, operating as 'Lungo Company,' employed a multi-pronged strategy involving cryptocurrency scams, romance fraud, and fake lottery schemes to defraud targets.

Investigators arrested 25 suspects in South Korea and apprehended nine core members in Thailand, including the alleged ringleader. The group utilized encrypted messaging platforms like Telegram and WeChat to coordinate their activities, while laundering proceeds through prepaid cards and casino cash-outs.

The operation highlights the growing intersection between traditional financial fraud and digital asset exploitation. While no specific cryptocurrencies were named in the scheme, the case underscores the need for enhanced vigilance in crypto transactions across all platforms.