Thai and South Korean Police Dismantle $15 Million Cryptocurrency Scam

According to PANews, Thai authorities, in collaboration with South Korean police, have dismantled a cryptocurrency scam operation known as 'Lungo Company,' which defrauded over 870 South Korean victims of approximately $15 million. The group employed deceptive platforms and fake compensation schemes to carry out their fraudulent activities. A total of 25 suspects have been arrested, with key members currently detained in Thailand awaiting extradition. Experts indicate that the group utilized complex money laundering techniques, including on-chain transfers, over-the-counter networks, and parasitic exchanges, to evade regulatory oversight and facilitate the movement of funds.