Crypto Rip-off Ring in Thailand Swindles $15M from Koreans

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A bunch based mostly in Thailand has been caught operating a large-scale rip-off that stole over $15 million from tons of of South Koreans.

In accordance with a report by Korea JoongAng Every day, the rip-off concerned a variety of techniques, together with romance-related fraud and faux cryptocurrency affords.

South Korea’s Seoul Metropolitan Police reported that 25 people linked to the rip-off have been arrested. Thai police additionally captured the group’s chief and eight others.

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They're at present being held in Thailand whereas South Korean authorities work on bringing them again for trial.

The rip-off passed off between July 2024 and July 2025. Almost 900 people had been misled into transferring cash by way of numerous faux platforms. Some had been instructed they had been being compensated for private information leaks, whereas others had been lured into faux on-line relationships.

The group operated below the identify "Lungo Firm" and was arrange like a enterprise, with totally different groups specializing in particular scams.

Inside their base in Pattaya, group leaders enforced strict management. Passports had been taken, telephones had been restricted, and nobody was allowed to depart. Members had been additionally skilled in perform the scams, and people who carried out properly had been rewarded.

Thai police raided the resort in June and arrested a number of members. With assist from Seoul’s police pressure, they later positioned and detained the important thing leaders. A lot of these already introduced again to Korea are below formal investigation.

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