Today in crypto, Thai police have arrested a South Korean man accused of helping a call center gang launder over $50 million in crypto into gold, the IRS head of digital assets division has resigned. Meanwhile, Coinbase forecasts that the U…
Today in crypto, Thai police have arrested a South Korean man accused of helping a call center gang launder over $50 million in crypto into gold, the IRS head of digital assets division has resigned. Meanwhile, Coinbase forecasts that the US dollar-backed stablecoin market will eclipse $1 trillion in three years.
Korean man arrested over $50M crypto-to-gold laundering scheme
Thai authorities have arrested a South Korean man accused of helping a call center gang launder cryptocurrencies into gold worth more than $50 million.
The Technology Crime Suppression Division (TCSD) said officers apprehended Han, 33, at Bangkok’s Suvarnabhumi Airport on Saturday under a warrant issued in February, according to a report from The Nation. He faces charges of fraud, computer crimes, money laundering, and involvement in a criminal syndicate.
The case stems from a large-scale call center scam that began in early 2024. Victims were lured into “investment opportunities” promising 30%–50% returns. Initial payouts created a false sense of security, but as deposits grew, withdrawals were blocked with claims that investors had failed to meet requirements.
Dozens of complaints eventually reached the TCSD, prompting a probe that has already led to the arrest of ten suspects, including five alleged launderers and five mule account holders.
IRS crypto boss Trish Turner resigns just 3 months into the role
Trish Turner has resigned as head of the United States Internal Revenue Service’s (IRS) digital assets division after roughly three months in the role.
“After more than 20 years with the IRS, I have closed an extraordinary chapter of my career with deep appreciation for those who shaped my journey and made the work so meaningful,” Turner said in a LinkedIn post on Friday.
“Together, we navigated complex challenges, built lasting programs, and laid the groundwork for the IRS’s digital asset strategy as it shifted from niche to mainstream,” Turner added.
Turner did not say in her post where she will go next, but explained she looks “forward to continuing this mission from a new vantage point and to building bridges between industry and regulators.”
Bloomberg Tax reported on Friday that Turner told the publication during an interview that she will become the tax director at the crypto tax firm Crypto Tax Girl. On the same day, Crypto Tax Girl founder Laura Walter said in a LinkedIn post that Turner will join the firm.
A trillion-dollar stablecoin market is brewing
The US dollar-pegged stablecoin market is projected to reach $1.2 trillion by 2028, driven by comprehensive US regulations and growing recognition of the asset’s utility, according to new research from Coinbase.
The cryptocurrency exchange noted that as stablecoins continue to expand, the US Treasury market will need to grow as well, since issuers rely on short-term T-Bills to back their collateral. Coinbase also downplayed concerns that this expansion would cause a sharp drop in Treasury yields.
“We think the forecast doesn’t require unrealistically large or permanent rate dislocations to materialize; instead, it relies on incremental, policy-enabled adoption compounding over time,” Coinbase said.
A key catalyst for US stablecoins will be the GENIUS Act, a recently passed regulatory framework designed, in part, to reinforce the dollar’s role as the world’s reserve currency through stablecoin adoption. The law is scheduled to take effect in January 2027.
