Thailand’s Central Investigation Bureau (CIB) has successfully taken down a major crime syndicate in Operation Cyber Guardian. This initiative was supported by Binance’s Investigations team and demonstrated the power of collaboration and technology.
Thailand Unveils Major Cyber Scam Involving Social Media Phishing
As described in the blog post, the scheme started with a social media phishing. The criminals used a variety of scams telling their targets they could make a lot of money quickly through investments. The victims make payments to mule accounts, which made the sources of the funds to be almost impossible to track.
The total amount of money collected through the scam was 3.8 million baht (about $110K). The syndicate was also able to change the stolen money to $USDT through the blockchain system and transfer it from one digital wallet to another to conceal its trail.
Pleading that the investigation conducted by Pol. Col. Chitsanupong Waidee from the Technology Crime Suppression Division (TCSD) would show that the syndicate was international. The actual theft of the money was facilitated by the recruitment of Mule account brokers. A few mules also fled to Cambodia-Thailand border to develop digital wallets with which they would receive the money. These brokers were paid small fees, ranging from a minimum of 5,000 THB (approximately $145).
Binance Supports Thai Police in Cybercrime Investigation Leading to Arrests
Binance’s Financial Intelligence Unit (FIU) played a vital role. The team was able to study blockchain transactions and link them to suspicious accounts which was very informative. This cooperation made it possible to track the money and find out who was behind the organization of the syndicate.
When enough evidence had been collected, Thai authorities sought warrants of arrest from the Criminal Court. When enough evidence had been collected, Thai authorities sought warrants of arrest from the Criminal Court. As a result, operations were conducted in areas like Bangkok, Nakhon Ratchasima, Tak, and Songkhla. Seven suspects were arrested with the mule account operators and money laundering persons.
In the raids, police confiscated items valued over 80 million baht ($2.3 million) or so. Some of the items seized were a 27 million baht mansion, luxury cars, gold bars and land deeds.
Binance’s Nils Andersen-Röed celebrated the partnership, stating that it was a perfect example of how blockchain works when it is transparent. This case shows that there should be strong cooperation between the police and individuals and companies in combating cybercrime.
