Thai police arrest crypto gang behind $15M scam on Korean victims
Authorities in Thailand have arrested 25 members of “Lungo Company,” a criminal syndicate accused of stealing $15.1 million from 878 Korean victims.
The Seoul Metropolitan Police Economic Crime Division confirmed the group operated from a resort in Pattaya between July 2022 and July 2023, reports Cryptopolitan.
Unlike typical scam operations that rely on a single method, Lungo Company divided into specialized teams, each using different schemes to lure victims. Investigators said this organizational structure set the group apart from previous fraud rings.
Multi-layered scams lure victims into fake investments
The syndicate’s operations included romance scams, data exploitation, and impersonation of legitimate institutions. Romance fraudsters created fake profiles using stolen photos, convincing victims to invest in bogus platforms after building emotional connections.
Another unit exploited a leaked database from a lottery portal, posing as officials offering refunds for stolen data while pushing fake crypto purchases. Additional schemes included fake reservations and impersonations of public agencies to solicit fraudulent transfers. Leaders maintained strict discipline, confiscating passports and restricting communication to prevent members from leaving the Pattaya resort.
Advanced laundering methods complicate investigations
According to crypto security experts, Lungo Company used multi-layered laundering tactics, including chain-hopping across blockchains and no-KYC swap services, to obscure the stolen funds. The criminals exploited decentralized exchanges, cross-chain bridges, and “parasite exchanges” that piggyback on regulated platforms but process illicit transactions at scale. Funds were further laundered through prepaid crypto cards, casino “winnings,” and microtransactions structured to avoid detection thresholds. Investigators were forced to manually trace funds through multiple networks, a process slowed by the use of shell companies and fraudulent accounts.
Recently we wrote that Praetorian Group International (PGI) CEO Ramil Ventura Palafox has pleaded guilty in a Virginia federal court to defrauding investors and laundering funds tied to a $200 million Bitcoin Ponzi scheme.
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