Thai Authorities Seize Close to $7 Million in Crypto Fraud Scheme with Help From Binance

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Thai Authorities Seize Close to $7 Million in Crypto Fraud Scheme with Help From Binance

Earlier this month, Thai authorities seized over 250 million baht ($6.79 million) and made multiple arrests in an operation dubbed “The Purge,” involving cryptocurrency related fraud. According to reports, the suspects scammed victims into investing in fake cryptocurrency platforms and instructed victims to transfer USDT into various wallet addresses.

The Royal Thai Police, working closely with the Anti-Money Laundering Office and financial crime team at Binance, were able to investigate transactions associated with the fraud and build out the scam network.

Thai Police were able to identify the scammer’s address then trace the funds through a money laundering network of addresses controlled by co-conspirators

In the course of the investigation of the fraud scheme and the laundering of stolen funds, Thai cyber authorities searched over 72 locations across the country arresting three Chinese nationals and confiscating luxury condos, cars, brand-name goods, cash, and other evidence worth more than 1.9 billion baht (51.6 million USD). 

The Thai Attorney General’s Office indicted all the suspects on charges related to fraud, gang membership, entering false or misleading computer data and participation in a transnational criminal money laundering organization.

Thai Minister of Digital Economy and Society Prasert Chantararuangthong, Cyber Crime Investigation Bureau (CCIB) commissioner Pol. Lt. Gen.Worawat Watnakornbancha, and Mr. Akbar Akhtar, Head of Investigation, APAC, Binance announced the arrests and seizures at the Technology Crime Investigation Division headquarters in Muang Thong Thani.

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