PANews reported on September 23rd, according to Decrypt , that Thai police, in collaboration with Seoul police, dismantled a cryptocurrency fraud ring, " Lungo Company , " that allegedly amassed $ 15 million in proceeds. The ring used fake platforms and bogus compensation to defraud over 870 South Korean victims. Police arrested 25 suspects, with key members detained in Thailand and awaiting extradition. Experts claim the ring employed multiple layers of money laundering, including on-chain transfers, over-the-counter (OTC) networks, and parasitic exchanges, to evade regulation and transfer funds.