Thai-Southeast Asia $520M Cross-Chain Crypto Scam Network
Summary
A sprawling criminal network identified through a joint investigation by blockchain analytics firm Elliptic and Thailand's Royal Thai Police High-Tech Crime Division (HTCD), involving over $520 million in suspicious incoming cryptocurrency transactions traced across 32 blockchains and more than 400 digital assets. The network encompasses pig butchering scams, wallet hacks, credential theft, professional money laundering, and organized criminal compounds operating primarily out of Cambodia and Myanmar. The investigation covered victim wallet data spanning January 2022 through October 2025 and represents one of the largest multi-jurisdictional crypto fraud disclosures in Southeast Asian law enforcement history.
Connected Entities
1 entities · 10 linked investigations- + 4 more
Timeline(16 events)
2022-01-01
Earliest recorded victim wallet activity in the Elliptic-HTCD dataset begins. Royal Thai Police CCIB launches Operation Trust No One targeting a pig butchering network operating across Thailand, Laos, Philippines, Dubai, Cambodia, and Myanmar.
Elliptic / Royal Thai Police press release; TRM Labs case study2022-01-01
Huione Group begins processing pig butchering and cyberheist proceeds per FinCEN analysis (activity documented August 2021 onward, with $4B+ laundered through January 2025).
FinCEN2022-07-01
Cross-chain crime estimated at $4.1 billion globally by Elliptic, establishing a baseline against which later surges are measured.
Elliptic cross-chain crime report2023-01-01
A primary suspect in Operation Trust No One is sentenced to 28 years in prison by Thai courts. Approximately $277 million in assets — including luxury cars, homes, and land — are confiscated by Thai authorities.
TRM Labs case study2025-07-01
Elliptic publishes The State of Cross-Chain Crime 2025, documenting that cross-chain criminal activity has reached $21.8 billion globally, a more than fivefold increase from 2022.
Elliptic2025-10-15
Royal Thai Police arrest a Chinese national in Bangkok linked to FINTOCH cryptocurrency investment fraud, which defrauded victims worldwide between 2022 and 2023 and laundered proceeds through TRON and Huione Pay.
TRM Labs blog2025-10-29
Last documented month of wallet activity in the primary Elliptic-HTCD dataset.
Elliptic / Royal Thai Police press release2025-11-01
U.S. Attorney Pirro launches the DOJ Scam Center Strike Force, targeting Chinese organized crime syndicates operating in Southeast Asia for cryptocurrency investment fraud, human trafficking, and money laundering.
DOJ2026-01-29
China executes 11 individuals linked to Myanmar scam operations, according to Chinese state media.
Al Jazeera2026-03-01
Meta, working with global law enforcement including Thai authorities, disrupts major scam networks in Southeast Asia, removing over 150,000 scam-linked profiles.
Meta / Bangkok Post2026-03-20
FBI and Royal Thai Police announce joint freezing of approximately $580 million in cryptocurrency and seizure of approximately 8,000 mobile phones as part of a cross-border fraud crackdown. 21 suspects arrested.
Crypto.news2026-04-23
DOJ Scam Center Strike Force unseals criminal complaints against Huang Xingshan and Jiang Wen Jie for wire fraud conspiracy at the Shunda compound, Burma. Over $700 million in cryptocurrency restrained; 503 fraudulent domains seized.
DOJ2026-05-01
Global law enforcement operation arrests 276 people, shuts 9 crypto scam centers, and seizes $701 million across multiple jurisdictions.
The Hacker News2026-06-18
Elliptic and Royal Thai Police HTCD formally publish results of their joint investigation, disclosing $520 million in suspicious transactions across 32 blockchains and over 400 digital assets from a dataset of 500-plus reported wallets.
Elliptic2026-06-23
DOJ seizes cloud infrastructure used by the Huione Group, a key money laundering service provider for Southeast Asian scam networks and North Korean cyberheist proceeds.
DOJ2026-06-23
Human rights organizations report that more than 5,300 people remain held against their will in Myanmar scam centers.
Al JazeeraDecision Log
- hash: FK8nMsMNjjiJrWoZVZDJ4QyGJers2M94aLGoNTvSYC8p
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 6/26/2026, 5:16:56 PM
last updated: 6/26/2026, 5:17:08 PM
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