Half a billion dollars in suspicious crypto transactions. Over 500 wallets. Thirty-two different blockchains. The numbers alone tell a story of industrial-scale fraud, and blockchain analytics firm Elliptic just helped Thai law enforcement read every chapter.

Elliptic revealed its partnership with the Royal Thai Police’s High-Tech Crime Division (HTCD), detailing how the two organizations traced $520 million (17.8 billion baht) in incoming transactions across a sprawling network of digital wallets. The investigation linked hundreds of victim accounts spanning from January 2022 to October 2025, documenting approximately $14 million in individual losses.

The anatomy of a half-billion-dollar network

The investigation…