Infraud Co-founder Arrested in Bangkok, $822 million worth of Bitcoin Seized

Sergey Medvedev, co-founder of an illegal network called Infraud was arrested earlier this month. Thai police seized 100,000 bitcoins following the arrest. Infraud was reportedly an online criminal network where customers could trade stolen credit card information, government documents, drugs and other illegal items commonly found on the dark net.

Around six weeks ago the worth of the seized Bitcoins was about $2 billion, now they are roughly worth $822 million. Medvedev’s arrest was warranted from US law enforment agencies.

Infraud is known as the largest operating online criminal networks to ever exist. The platform was initially formed in 2010 with Medvedev’s co-founding partner, Bondarenko. It has 10,901 members and is known as “the premier one-stop shop” for cyber criminals.

Watch the following video for more information on Bitcoin and its impact in Thailand.

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Image: Darknet