Thai authorities, in collaboration with the FBI, executed “Operation 293” in Phuket. The operation resulted in the successful stolen crypto recovery valued at over $432,000 (14 million baht). Lt. Gen. Suraphon Prempoot, leader of the Cyber Crime Investigation Bureau (CCIB), announced that the funds were returned to Thai victims this Monday.
The alleged cybercriminal, originating from Eastern Europe, used sophisticated malware. This software infiltrated devices to capture authentication keys and seed phrases. After the theft, the suspect moved the funds into USDT and Bitcoin, dispersing them across numerous digital wallets to hide the trail. Investigators collaborated with Tether to freeze the stolen USDT. Likewise, they worked with the Bitkub exchange to trace smart contracts and secure the assets.
Is Thailand becoming a trap for crypto fugitives?
This case represents one of Thailand’s most significant victories against international cybercrime. It underscores the growing sophistication of authorities in combating digital delinquency. According to Prempoot, “this operation shows that not even sophisticated hackers can hide” behind digital anonymity. The operation also highlights a growing trend: Thailand has become a destination for fugitives of the digital economy, but also a center for law enforcement.
“Operation 293” reinforces the importance of international collaboration between agencies, like the FBI and the CCIB. Furthermore, it validates cooperation with private actors like Tether and Bitkub. For the sector, this sends a clear message to cybercriminals operating across borders. The ability to freeze assets (USDT) and trace transactions demonstrates a growing maturity in the ecosystem’s security.
This successful stolen crypto recovery is not an isolated incident. It joins other recent high-profile arrests in the country, including the capture of Ponzi scheme operators and multi-million dollar frauds. Therefore, Thailand is expected to continue strengthening its cyber investigation capabilities. Authorities seek to dismantle the perception that the country is a safe haven for digital asset criminals.
