Elliptic and Thai police uncover $520 million suspicious crypto network tied to theft, scams and money laundering
first published 2026-06-24T15:37:17Z
Elliptic’s Asia-Pacific Intelligence team and Thailand’s Royal Thai Police High-Tech Crime Division identified a network of suspicious crypto activity linked to theft, scams and money laundering. The analysis covered more than 500 suspicious wallets, nearly $14 million in victim losses, and about $520 million in incoming crypto transactions across 32 blockchains, with criminals using DEXs, bridges and instant swaps to hide funds.
AI Analysis
The article reports a large scam and money-laundering network, major victim losses, and activity across 32 blockchains. It is materially negative for market trust and could affect short-term sentiment, though it does not describe direct price action or protocol-specific developments.
Expected Investor Sentiment: Bearish
Potential Market Impact: Significant
