Infraud Kingpin Arrested, More Than 100,000 Bitcoins Seized by Thai Police

The reigning kingpin of cybercrime marketplace Infraud was reportedly arrested in Thailand, after which law enforcement officers seized over 100,000 Bitcoins — currently worth roughly $822 million.

Infraud on the Run

Sergey Medvedev, 31, was reportedly arrested by heavily armed police officers in Thailand on Feb. 2.

Medvedev is the co-founder of Infraud, an online marketplace for criminal buyers and sellers interested in stolen identities, stolen credit card information, credit card skimming devices, ATM compromisers, narcotics, weapons, protected animals, illegally obtained government documents, and other illegal wares. The group’s motto is “In Fraud We Trust.”

The Russian national was arrested at his Bangkok apartment on Feb. 2 by request of U.S. authorities, after fleeing to Thailand six years ago.

According to reports, 30 CSD officers raided Medvedev’s apartment last Friday, where they arrested the culprit while seizing a notebook computer and several documents.

According to The Bangkok Post, the evidence seized during the raid on the Medvedev’s apartment suggests that he had over 100,000 Bitcoins, which were accumulated through illegal activities.

Police Maj. Nathapol Ratanamongkolsak, a CSD inspector, said:

Mr Medvedev is the head of a criminal organization which has affected the global economy and public in general. He concealed his identity in cyberspace and traded in illicit items using digital currency to avoid arrest.

Medvedev is set to be extradited to face prosecution in the US.

Medvedev is not the only Infraud cybercriminal arrested last week.

13 of 36 wanted persons allegedly involved with Infraud were taken into custody worldwide, with suspects arrested in the US, France, the United Kingdom, Italy, Australia, Kosovo, and Serbia. Those on foreign soil are awaiting extradition to the US.

According to US News, Infraud’s main servers were seized in Paris on Tuesday.

Thai Police Maj. Nuthapong Rattanamongkolsak, the arresting officer, claims officials have been tracking members organization for years. “Before the operation could be ready,” he explained, “they had to recheck their targets in various countries.”

As Bitcoin and cryptocurrency become more and more mainstream, global law enforcement is likely to become increasingly more savvy when it comes to catching cyber criminals.

Do you think the raids against Infraud will help put a stop to widespread criminal activities paid for with cryptocurrencies? Let us know in the comments below!

Images courtesy of Shutterstock

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