International Cooperation Leads to Asset Recovery
Thai authorities working with the FBI have successfully recovered over $432,000 in stolen cryptocurrency from an alleged Eastern European cybercriminal who was hiding in Phuket. The joint operation, called “Operation 293,” resulted in the seizure and return of $320,000 worth of crypto to Thai victims, according to Lt. Gen. Suraphon Prempoot, who leads Thailand’s Cyber Crime Investigation Bureau.
I think what’s interesting here is how the FBI initially tipped off Thai investigators about the suspect’s location. The hacker apparently came from an Eastern European country bordering Asia and had escaped to Thailand, thinking he could evade capture. But international cooperation made that impossible.
Sophisticated Malware Attack Methods
The alleged hacker used malware that infiltrated victims’ devices to capture authentication keys and seed phrases—those critical access credentials for crypto accounts. After stealing these credentials, the suspect moved victim funds into Tether’s stablecoin USDT and Bitcoin, then dispersed the assets across numerous digital wallets to make tracking more difficult.
Authorities identified six Thai nationals who fell victim to this operation, with total losses exceeding 100,000 (roughly 3.2 million baht). That’s a significant amount for individual victims, though perhaps not massive in the grand scheme of crypto crime.
Collaboration with Crypto Companies
What stands out to me is how investigators worked with Tether to freeze the stolen USDT and later teamed up with Bangkok-based crypto exchange Bitkub to trace smart contracts and secure the assets. This kind of cooperation between law enforcement and crypto companies is becoming more common, but it’s still noteworthy when it actually works.
Officials moved 432,000 USDT into a CCIB-controlled custody wallet before distributing recovered funds to two victims on Monday. I wonder about the timing—why only two victims so far? Maybe the others’ cases are more complicated.
Thailand’s Growing Crypto Enforcement
Thailand has become something of a hub for both crypto fugitives seeking refuge and authorities cracking down on digital asset crimes. Just last month, Thai police captured Liang Ai-Bing, a Chinese national accused of running an alleged $31 million Ponzi scheme disguised as a DeFi platform called FINTOCH.
The scheme falsely claimed ties to Morgan Stanley and used a fake CEO named “Bob Lambert”—whose photo was actually actor Mike Provenzano. It allegedly defrauded nearly 100 Chinese investors before collapsing.
In early October, Bangkok authorities arrested Portuguese national Pedro M. on suspicion of orchestrating $580 million in crypto and credit card fraud across multiple jurisdictions. And in September, Thai police dismantled the “Lungo Company,” a criminal network that allegedly defrauded more than 870 South Koreans of $15 million through romance scams, fake lottery schemes, and fraudulent crypto investments.
It seems Thailand is taking crypto crime seriously, though I’m not sure if this represents a coordinated strategy or just responding to cases as they emerge. The numbers are certainly substantial when you add them up.
