INTERPOL and crypto – part 6: alleged crypto-scam suspect arrested in Bangkok and facing extradition to Vietnam

Background

In previous articles, we explained how the borderless nature of crypto transactions has resulted in jurisdictions requesting INTERPOL to issue notices to try and locate individuals accused of criminal offences (specifically allegations involving crypto) based in other jurisdictions,  with a view to potential extradition. There have already been several examples of subsequent extradition requests.

Indeed, using INTERPOL to pursue individuals accused of offences involving cryptoassets is becoming more common.

Following earlier reports that South Korea had asked INTERPOL to issue a Red Notice for developer Do Kwon, the team wrote a blog titled: “Can INTERPOL issue a Red Notice in relation to allegations involving crypto?”.

We recently wrote an article stating that although Hex Founder Richard Heart found himself subject to an INTERPOL Red Notice, a United States Court dismissed the case against him, and, subsequently, how a Red Notice had been requested to locate Hayden Davis, a citizen of the US allegedly behind the launch of several memecoins.

In our latest article, we explained how the US had secured the extradition of a Russian national from Portugal to face allegations relating to crypto.

Latest INTERPOL crypto-related arrest

It was recently reported that an individual wanted by INTERPOL for involvement in an alleged huge cryptocurrency scam has been arrested in Bangkok, Thailand.

The allegations against the individual include playing a key role in an alleged investment fraud that involved almost 3,000 victims and resulted in losses of $300 million.

The alleged scam is reported to have all the hallmarks of a classic fraud, with the promise of unrealistic monthly returns, the influence of celebrities and the structure of a pyramid scheme.

It is reported that this individual is now in custody awaiting extradition to Vietnam to face charges.

Crypto and extradition

As well as being at risk of INTERPOL measures such as Red Notices, those who fear that allegations involving crypto have been made against them could also be at risk of extradition.

As was discussed in a previous blog entitled “Can I be extradited for allegations involving crypto?” and “Another US crypto extradition”, due to the borderless nature of crypto transactions, any allegation of criminality will inevitably involve multiple jurisdictions.  As such, there may be numerous jurisdictions claiming authority and trying to extradite an alleged perpetrator to their jurisdiction to face justice.  There have now been two examples of individuals being extradited to the US in relation to allegations involving crypto.

The vast majority (if not all) of criminal allegations that underpin a crypto criminal investigation are of a financial crime nature, e.g. fraud, money laundering and insider dealing.  They can also include alleged offences relating to the breach of financial regulations.

These offences, by their very nature, can take place across multiple jurisdictions and are therefore types of offences for which multiple countries can claim authority, including in relation to conduct outside their own country (hence extradition can be an option).

Due to the borderless nature of the effect of these crimes, a state could assert jurisdiction against an individual who has not even stepped foot in that country.

As such, jurisdictions may additionally utilise INTERPOL to locate an individual and seek their arrest prior to issuing any extradition request.

Therefore, due to the nature of this technology, and as this technology becomes more prevalent, there will surely be a large increase in the instances of INTERPOL being used to locate individuals facing allegations involving crypto.

INTERPOL and cryptoassets

More specifically, we have previously written about INTERPOL’s specialist team developed to coordinate efforts globally against digital assets crime.

As we have previously written, there have been increasing reports of countries using INTERPOL to pursue individuals alleged to have committed criminal offences involving cryptoassets.

INTERPOL has recently been more active in seizing online digital wallets and exchanges, including seizing the exchange known as Cryptonator for allegedly receiving the proceeds of crime.

Suitability of INTERPOL

There is no doubt that crypto-related crime presents unique challenges to authorities, the decentralised nature of cryptoassets and the distance between them and more conventional financial institutions creates significant hurdles in international policing.

The UK continues to pass legislation, recently enabling authorities to investigate and seize assets suspected of being used in criminal activities relating to crypto (please see our other blogs on crypto regulation).

Other INTERPOL members, however, may not be as quick at establishing a regulatory framework, making international cooperation even more challenging.

However, it remains the case that given the decentralised and borderless nature of some cryptoasset transactions, an organisation with global reach like INTERPOL would lend itself very well to assist in coordinating the steps required to both pursue individuals alleged to have been involved with criminal offences involving crypto, and also tracing any associated proceeds of crime.

As always, there would be a need to ensure that INTERPOL was always used in compliance with all its applicable rules and regulations.

International crypto dimension – criminal investigations, litigation and extradition

Those who fear they may be subject to an extradition request from the UK, or who are just concerned about liability across multiple jurisdictions including the UK, should get in touch.

Gherson’s criminal litigation, regulatory and investigatory team combine an expert knowledge of criminal and regulatory law underpinned with a firm understanding of digital assets and blockchain technology.  As such, the team is able to provide expert strategic advice to anyone facing investigation in relation to any allegation of criminality involving cryptoassets. Working alongside the extradition team, Gherson’s criminal litigation, investigations and regulatory team is able to provide an unparalleled service in any case with an international dimension.  The team is also able to call upon lawyers in multiple other jurisdictions and build multi-jurisdictional teams to assist with any suitable defence.

INTERPOL, Red Notices and crypto

In addition, those who fear that a jurisdiction may have requested INTERPOL to process data relating to them involving any allegations of offences involving crypto, or are just concerned about potential liability, should get in contact.

Indeed, Gherson Solicitors continue to receive requests for expert advice and assistance from those who fear they may have outstanding financial issues arising. That advice tackles:

1. How to best approach a possible INTERPOL red notice;
2. Preparing for potential criminal proceedings / an extradition request;
3. Preparing for a situation where a civil matter or commercial dispute could be used to initiate bogus criminal proceedings; and
4. Even exploring the possibility of instigating civil litigation proceedings to recover any misappropriated assets.

Gherson have previously written a series of blogs designed to assist those who fear they might be subject to INTERPOL measures (including a Red Notice):

INTERPOL and Red Notice Challenges

How to Remove an INTERPOL Red Notice

INTERPOL Red Notices and Extradition

How do I know if I am subject to an INTERPOL Red Notice

Regulation and compliance

In these constantly changing times, firms that deal with cryptoassets, and additionally have exposure to firms that do, will need to carefully consider all their systems and controls to ensure that they are able to comply with all relevant AML and sanctions regulations.

How Gherson can assist

Gherson’s white-collar crime and regulatory team are able to provide advice and assistance with AML and sanctions compliance, including in situations involving cryptoassets.

Additionally, the team has recently started a series on the regulation of crypto, with the aim of advising those who work in the compliance of this sector.  In addition, for those who would like advice on relevant issues, including those who have had issues with the FCA registration process, our specialist regulatory and compliance team can guide individuals and companies through the process.

Please do not hesitate to contact us for further advice, send us an e-mail, or, alternatively, follow us on Twitter, Facebook, or LinkedIn to stay up-to-date.

The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please do not hesitate to contact Gherson. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.

©Gherson 2025