Thai Police Bust 25 in $15M Crypto Fraud Ring Targeting South Korean Investors

Bangkok authorities just dismantled a sophisticated international scam operation—proving once again that traditional borders mean nothing in digital finance.

The Crackdown

Thai cybercrime units coordinated simultaneous raids across three provinces, arresting 25 suspects involved in a multi-million dollar cryptocurrency investment scheme. The operation targeted South Korean nationals through fake trading platforms promising guaranteed returns.

The Mechanics

Using social media influencers and polished marketing materials, the group convinced victims to transfer funds to what appeared to be legitimate crypto exchanges. The platforms showed fabricated growth charts while actually funneling money directly to offshore accounts.

The Aftermath

Authorities seized luxury vehicles, premium real estate, and digital wallets containing partial victim funds. Extradition proceedings for key ringleaders are already underway—because nothing unites international law enforcement faster than eight-figure fraud.

Meanwhile, traditional financial regulators are still debating whether crypto should be classified as property or currency—proving that while criminals innovate, bureaucrats deliberate.

TLDR

• Thai police have dismantled a $15M scam ring targeting over 870 South Koreans.
• The group, known as Lungo Company, used crypto, romance, and fake lottery fraud schemes.
• Investigators arrested 25 suspects in South Korea and nine core members in Thailand.
• Lungo Company employed multiple tactics to launder stolen funds through prepaid cards and casino cash-outs.
• Thai police uncovered encrypted messaging apps like Telegram and WeChat being used for coordination.

Thai police have dismantled a scam ring worth $15 million, targeting over 870 South Koreans. The operation, known as “Lungo Company,” used crypto, romance, and fake lottery schemes to defraud victims. Investigators described the group’s activities as multi-layered, combining various fraud tactics to launder the stolen funds.

Thai Police Detain Ringleader of Lungo Group

The Seoul Metropolitan Police arrested 25 suspects tied to the Lungo Company scam. Thai police apprehended the ringleader and eight Core members of the group. All nine suspects remain in custody in Thailand and await extradition to South Korea.

Investigators uncovered a sophisticated fraud operation that relied on various techniques. Victims were deceived into sending funds through fake compensation offers, romance scams, and fraudulent cryptocurrency platforms.

“This group systematically used multiple tactics,” a police official said. “It wasn’t a one-dimensional scam; it was structured and layered.”

The Scam’s Complex Money Laundering Operation

Lungo Company used numerous methods to conceal its activities and launder money. The fraudsters employed prepaid cards, casino cash-outs, and split transactions to bypass detection systems. Thai police also found the group used encrypted messaging apps like Telegram and WeChat to coordinate the illegal activities.

High-volume over-the-counter (OTC) brokers in Southeast Asia were crucial to the final liquidation of funds. This complex web of tactics ensured that the criminals remained undetected for a long time. The group’s systematic approach to laundering funds raised concerns for investigators.

LuBian Hack Uncovered as Largest Crypto Theft

The Lungo Company bust comes shortly after another major cybercrime was uncovered in South Korea. Seoul police recently broke up a separate fraud ring that stole $28.1 million from South Korean elites. This latest investigation sheds light on the growing trend of international fraud rings targeting cryptocurrency holders.

A previously undisclosed hack of the LuBian mining pool has been confirmed as the largest crypto theft ever. Hackers stole 127,426 BTC, valued at $3.5 billion in 2020, and nearly $14.5 billion today. The stolen funds have not moved since 2024, and the thief’s identity remains unknown.