A joint investigation by blockchain analytics firm Elliptic and the Thai police force uncovered more than half a billion dollars in suspicious transactions across Southeast Asia.
In a statement, elliptical He says Its Asia-Pacific intelligence team has teamed up with the High Tech Crimes Division (HTCD) of the Royal Thai Police for a data-sharing initiative involving issues related to cryptocurrency theft, fraud and money laundering.
According to Elliptic, analysis of more than 500 suspicious cryptocurrency wallets linked to nearly $14 million in individual victim losses led to a large network of activity involving $520 million worth of inbound cryptocurrency transactions.
Criminal activities include the theft of crypto assets, which includes wallet hacking and credential theft, as well as professional money laundering and fraud schemes involving pig slaughter scams and addresses linked to organized criminal network complexes in Cambodia and Myanmar.
“Cyber fraud networks in Myanmar and Cambodia are known for their resourcefulness and ability to adapt in the face of disruption. The ability to track their latest behavior on-chain enables compliance professionals and wider law enforcement in the region to proactively mitigate emerging risks and patterns of money laundering.”
Investigators found that the criminal proceeds were split across 32 different blockchains, including Ethereum (ETH), Tron (TRX), and Bitcoin (BTC). Criminals have particularly used decentralized exchanges (DEXs), cross-chain bridges, and spot swap exchanges, which typically do not require “know your customer” (KYC) checks.
Money laundering involves converting stolen tokens into key assets, hiding the funds by moving between chains and exiting freezeable stablecoins to avoid blacklisting.
Follow us on X, Facebook and cable
Never miss a beat – Subscribe Get email alerts delivered directly to your inbox
browse Hodel’s daily mix
 
Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should conduct due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: DALE3
