Thai-FBI Operation Recovers $432,000 in Crypto From Alleged European Hacker

Authorities in Thailand have successfully recovered more than $432,000 (14 million baht) in digital assets stolen from an alleged Eastern European cybercriminal who had been hiding out in Phuket, officials announced Wednesday.

Lieutenant General Suraphon Prempoot, who heads Thailand’s Cybercrime Investigation Bureau (CCIB), disclosed that “Operation 293” resulted in the seizure and return of $320,000 worth of crypto to Thai victims, according to a local media outlet. report.

The Federal Bureau of Investigation initially notified Thai investigators that a suspect from an Eastern European country bordering Asia had fled to Thailand.

“This operation shows that even sophisticated hackers cannot hide behind digital anonymity,” Suraphon said, as quoted in the report.

The alleged hacker deployed malware that infiltrated victims’ devices to capture authentication keys and seed phrases, critical access credentials for encrypted accounts.

After stealing the credentials, the suspect transferred the victim’s funds to Tether’s stablecoin USDT is Bitcointhen disperse the assets into numerous digital numbers walletsaccording to the report.

Authorities eventually identified six Thai nationals who fell victim to the operation, with total losses exceeding 100,000 (about 3.2 million baht), the report said.

Investigators worked with Tether to freeze the stolen USDT and later teamed up with Bangkok-based crypto exchange Bitkub to track the smart contracts and secure the assets.

Officials moved 432,000 USDT into a custodial wallet controlled by CCIB before distributing the recovered funds to two victims on Monday.

Decrypt has contacted the Royal Thai Police, Tether and Bitkub for further comment.

Thailand’s crypto crackdown

Thailand has become a hub for both crypto fugitives seeking refuge and authorities cracking down on digital asset crimes.

Last month, Thai police arrested Liang Ai-Bing, a Chinese national accused of running an alleged $31 million Ponzi scheme in 2023 disguised as a DeFi platform called FINTOCH.

The scheme falsely claimed ties to Morgan Stanley and used a fake CEO, “Bob Lambert,” whose photo was actually actor Mike Provenzano, allegedly defrauding nearly 100 Chinese investors before collapsing.

At the beginning of October, the Bangkok authorities arrested the Portuguese national Pedro M. on suspicion of presumably orchestrating $580 million in crypto and credit card fraud in multiple jurisdictions.

Thai police dismantled the “Lungo Company” in September, a criminal ring that allegedly defrauded more than 870 South Koreans of $15 million. through romantic scamsfake lottery schemes, and fraudulent crypto investments.