Citing Bijiie, Thai and South Korean authorities have dismantled a $15 million cryptocurrency scam orchestrated by the 'Lungo' group, which defrauded over 870 victims in South Korea. The joint operation led to the arrest of 25 suspects, including key members detained in Thailand pending extradition. The group used fake platforms and fraudulent schemes, such as romance scams and fake lottery prizes, to lure victims into transferring funds or buying worthless tokens. The operation, which ran from July 2024 to July 2025, involved complex money laundering through on-chain transfers, OTC brokers, and parasitic exchanges. Experts describe the case as a 'multi-layer money laundering' example, highlighting the growing challenge of tracking cross-chain criminal activities.
Thai and South Korean Police Bust $15M Lungo Crypto Scam Involving 870 Victims
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