A joint investigation by blockchain analytics group Elliptic and Thai police has uncovered more than half a billion dollars in suspicious crypto transactions across Southeast Asia.
In his words, Elliptic he says that his Asia-Pacific Intelligence team joined hands with the Royal Thai Police High-Technology Crime Division (HTCD) to share data on crypto theft, gossip and money laundering.
According to Elliptic, an analysis of more than 500 suspicious crypto wallets linked to about $14 million per victim, which led to a large network of transactions involving crypto currency worth $520 million.
These criminal activities include the theft of crypto assets, which includes hacking wallets and identity theft, as well as fraudulent schemes to launder money and addresses linked to terrorist groups in Cambodia and Myanmar.
“Cyber scams in Myanmar and Cambodia are known for their cleverness and ability to change things when compromised.”
The researchers found that the money paid in the cases was distributed across 32 different blockchains, including Ethereum (ETH), Tron (TRX) and Bitcoin (BTC). Criminals use decentralized exchanges (DEXs), cross-bridges and instant exchanges, which do not require know-your-customer (KYC) checks.
Hacking the coins involves turning the stolen tokens into common stock, disrupting the coins through chain-hopping and moving away from dry stablecoins to avoid being registered.
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