Half a billion dollars in suspicious crypto transactions. Over 500 wallets. Thirty-two different blockchains. The numbers alone tell a story of industrial-scale fraud, and blockchain analytics firm Elliptic just helped Thai law enforcement read every chapter.
Elliptic revealed its partnership with the Royal Thai Police’s High-Tech Crime Division (HTCD), detailing how the two organizations traced $520 million (17.8 billion baht) in incoming transactions across a sprawling network of digital wallets. The investigation linked hundreds of victim accounts spanning from January 2022 to October 2025, documenting approximately $14 million in individual losses.
The anatomy of a half-billion-dollar network
The investigation identified activity across 32 separate blockchains involving more than 400 unique digital assets. Ethereum, TRON, and Bitcoin were the most heavily used networks, with USDT, ETH, and BTC serving as the primary currencies of choice for the illicit operations.
The criminal activities uncovered included scams totaling nearly $200 million. Among the most prominent were so-called “pig butchering” schemes, a category of fraud where scammers build trust with victims over weeks or months, often through fake romantic relationships or investment opportunities, before convincing them to pour money into fraudulent platforms.
