Elliptic traces $520M in suspicious crypto across 32 blockchains with Thai police
In brief
- Elliptic and Thai police traced $520 million in suspicious crypto across 32 blockchains and 500+ wallets.
- Ethereum, TRON, and Bitcoin hosted illicit operations; USDT, ETH, and BTC were primary assets.
- Pig butchering schemes and scam centers in Cambodia and Myanmar drove the organized crime network.
Scale and scope of the investigation
Ethereum, TRON, and Bitcoin served as the most heavily used networks in the illicit operations, with USDT, ETH, and BTC functioning as primary assets. The investigation documented approximately $14 million in individual victim losses spanning from January 2022 to October 2025, though the broader $520 million figure reflects movement through laundering infrastructure rather than direct losses alone.
Criminal activities uncovered included scams totaling nearly $200 million. The vast majority of the suspicious volume represents the layered movement of money through exchanges and wallets designed to obscure its origins. Notably, approximately $234 million of the flagged transactions had been previously identified in Elliptic's systems, suggesting the partnership surfaced new connections and relationships between known illicit actors.
Fraud methods and geographic patterns
Pig butchering schemes emerged as among the most prominent frauds documented. These operations involve scammers building trust with victims over weeks or months before convincing them to pour money into fraudulent platforms. The investigation revealed connections to North Korean operatives who allegedly targeted Thai victims as part of significant thefts.
Scam centers in countries neighboring Thailand, particularly Cambodia and Myanmar, formed the backbone of the organized crime infrastructure. These operations coordinate across borders, leveraging crypto's borderless nature to move funds and evade traditional law enforcement.
Evolving criminal tactics
Criminals are increasingly using decentralized exchanges and cross-chain bridges to move funds across blockchains and obscure transaction origins. This technical sophistication—combined with the geographic dispersion of scam centers and the involvement of state-linked actors—illustrates how crypto fraud has matured into industrial-scale, multinational operations. The partnership between Elliptic and Thai police underscores the growing necessity for international coordination and enhanced blockchain surveillance to combat these networks.
