Elliptic Uncovers $520 Million in Suspicious Crypto Transactions Across 32 Blockchains Linked to Southeast Asian Scam Network

According to Elliptic, its Asia-Pacific Intelligence team partnered with Thailand's Royal Thai Police High-Tech Crime Division to investigate over 500 suspicious crypto wallets, uncovering $520 million in illicit transactions across 32 blockchains including Ethereum, Tron and Bitcoin. The criminal network, linked to organized compounds in Cambodia and Myanmar, engaged in wallet hacks, credential theft, pig butchering scams and money laundering schemes involving nearly $14 million in reported victim losses.

Criminals leveraged decentralized exchanges, cross-chain bridges and instant swap services to avoid know-your-customer checks, then converted stolen tokens into mainstream assets and moved funds across chains to evade stablecoin blacklisting.