Elliptic, Thai Police Flag $520M in Suspicious Crypto Transactions

Elliptic and Thailand's Royal Thai Police High-Tech Crime Division (HTCD) uncovered more than $520 million in suspicious crypto transactions tied to a network of scams, thefts and money laundering, the blockchain analytics firm said Tuesday.

The probe analyzed over 500 reported suspicious wallets associated with roughly $14 million in individual victim losses. Incoming transactions to those wallets totaled $520 million across 32 blockchains, including Ethereum, Tron and Bitcoin.

Elliptic's Asia-Pacific Intelligence team partnered with the HTCD for a data-sharing initiative covering cases linked to crypto theft, scams and money laundering. The investigation traced proceeds from wallet hacks, credential thefts, professional money laundering and fraud schemes like pig butchering. Some addresses connected to organized criminal networks in Cambodia and Myanmar.

"The cyber scam networks in Myanmar and Cambodia are known for their resourcefulness and ability to adapt in the face of disruption," Elliptic said in a statement. "Being able to trace their latest on-chain behaviors enables compliance professionals and wider law enforcement in the region to proactively mitigate emerging risks and laundering typologies."