Thai and Korean police bust $15M Crypto scam ring in joint operation
TL;DR Breakdown
- Korean police arrest 25 members of a scam ring while Thai police nabs 8 other members and the ringleader.
- The group scammed over 870 Koreans between July 2024 and July 2025
- Scamming methods included romance scams, crypto fraud, fake reservations, and impersonation scams.
Seoul Metropolitan Police announced that the force had busted a $15M crypto scam ring that has allegedly scammed 878 Korean citizens since July last year. The police revealed that they were able to arrest 25 members of the scam that operated from a resort in Pattaya, Thailand. The police force’s Economic Crime Investigation Division stated that the suspects belonged to “Lungo Company,” a suspicious group that operated like a criminal organization.
Seoul and Thai Police take down crypto scam ring
The report stated that Thai Police separately detained 8 additional members of the crypto scam ring, including the group’s alleged ringleader. While currently, the eight remain in Thai custody, Korea is seeking their extradition. The group is alleged to have stolen over 2.1 billion won ($15M) from Koreans using numerous scamming methods that include romance scams by catfishing people, fake reservations and impersonations of public institutions to defraud innocent people of their hard-earned wealth.
The group tricked victims into depositing money on fake websites, making purchases of fake cryptocurrencies or using stolen database data to lure them by offering compensation for leaked personal data.
The crypto scam group had strict monitoring over each member’s daily activities, with leaders alleged to have confiscated their passports, restricted movement beyond the facility and monitored phone use, and disputes often turned violent. On the other hand, the group regularly held workshops and rewarded members who performed well.
The head of the economic crime investigation unit, Yin Jung-wan, stated that the department is investigating the crypto scam ring’s links with other illegal operations and scam rings that target South Koreans. He stated that the group’s ability to obtain stolen private data needed to be looked into, as well as the methods of its money laundering.
Crypto ecosystem rife with crime?
While the crypto ecosystem may appear to be rife with crime, it is not a true and fair look at the market. Most cryptocurrency activity is legitimate, while shady and gray-area use has been pushed to the edges of the market due to clearer regulations and improving financial reporting standards.
However, for the crypto economy to be truly safe, lawmakers and enforcers need to provide clear guidelines and frameworks allowing both businesses and individuals to navigate the markets safely.
