23-9-2025 – Thai authorities, working with South Korean police, have dismantled a $15 million cryptocurrency scam operated by the “Lungo Company,” which targeted over 870 South Korean victims. The group, first reported by the Seoul Metropolitan Police, was apprehended in a coordinated operation, with 25 suspects arrested, including key members detained in Thailand pending extradition to South Korea.
The Lungo Company used fake platforms and fraudulent compensation schemes, such as romance scams and fake lottery payouts, to deceive victims into transferring funds or purchasing worthless cryptocurrencies. Operating out of a Pattaya resort, the group employed sophisticated money-laundering tactics, including on-chain transfers, over-the-counter brokers, and parasitic exchanges nested within regulated platforms.
These methods allowed the criminals to obscure the flow of stolen funds, evading detection by authorities. The operation, which ran from July 2024 to July 2025, exploited stolen databases and used encrypted apps like Telegram for coordination. Thai police raided the group’s base in June, leading to the capture of the ringleader and core members.
Experts describe the case as a textbook example of “multi-layered laundering,” highlighting the growing challenge of tracking cross-chain criminal activity. Investigators are now probing potential ties to other fraud networks and the sources of the group’s stolen databases.
