Thailand Police Seize 100,000 Bitcoins From Darknet Market

Darknet users are in the crosshairs of law enforcement agencies throughout the world. That situation is no several in Thailand, where a wide range of criminals tend to go on getaway. One of the biggest darknet kingpins has become arrested by a large staff of police officers. Sergey Medvedev, the co-founder of Infraud, also had over 80, 000 bitcoins seized in the operation. It is another big hit to the darknet industry, still a big victory for law enforcement officials.

For those unfamiliar with Infraud, it can be one of the biggest online crime bazaars to date. Services and products offered cover anything from stolen identities to cards and skimming devices. This type of service is operated through several individuals at this time. Some of those “owners” goes by the name of Sergey Medvedev, who was detained in Thailand this week. It can be unclear if Medvedev is definitely the actual main operator of Infraud at this time. Even so, he can one of the many wanted cybercriminals today.

Infraud Operator Faces ALL OF US Extradition

With his arrest going on, it will be interesting to see how it changes Infraud. It seems local representatives seized 29 electronic goods from Medvedev in a raid on his home in Bangkok. Additionally , the darknet market’s servers have also been seized simply by thelaw enforcement agency. Now they control all of the financial possessions linked to this forum, such as all Bitcoin balances. Specifically, the police have taken custody of just over 100, 000 bitcoins in the process.

It is unclear what to you suppose will happen with the seized money, however. This Bitcoin balance presents close to $850m worth of funds at current rates. It is evident selling away such a large quantity of money will not be easy. In the past US-based law enforcement agencies held sales to sell off seized cryptocurrency balances. It is possible, the Thailand law enforcement agents will have to go on a similar course of action.

The court of Medvedev is the reaction to an international collaboration. More specifically, the regional authorities worked together with all their US counterparts. After a thorough surveillance period, the court was made without any problem. It will be easy Medvedev will be extradited on the United States in the months to come. Another dozen Infraud suspects have been arrested before two weeks as well. The global attack on darknet activity remains to be in full effect, while Thailand reportedly plans on shrinking regulation on cryptocurrency actions.