Crime Police Dismantle Illegal Digital Asset Exchange Network Worth Over 14 Billion Baht

[Georgealbert]

 

Picture courtesy of CIB.

 

The Central Investigation Bureau (CIB) has launched a major crackdown on an illicit digital asset exchange network, unravelling a complex web of unlicensed cryptocurrency transactions valued at more than 14 billion baht.

 

Dubbed Operation Crypto Phantom, the high-profile investigation targeted illegal over-the-counter crypto trading operations catering primarily to foreign clients. Coordinated raids were carried out at eight locations across Phuket, Samui, Pattaya, and Bangkok, leading to the arrest of five individuals and the seizure of critical evidence.

 

 

According to authorities, the suspects operated underground cryptocurrency exchanges that converted Thai baht into digital assets such as USD Tether (USDT) and vice versa. These transactions took place outside of legally sanctioned trading platforms, thereby evading regulatory scrutiny. The “hand-to-hand” nature of these exchanges, often conducted in person and off-record, allowed for discreet financial movements across borders and facilitated large-scale money laundering.

 

The Economic Crime Suppression Division (ECD) discovered over 1,000 suspicious transactions linked to transnational criminal networks. Investigators confirmed that the total transaction volume exceeded 425 million USDT, the equivalent of more than 14 billion baht. The funds were allegedly funneled into illegal operations, including drug trafficking and international call centre scams.

 

During the raids, police confiscated numerous items including computers, mobile phones, bank passbooks, hardware wallets, and extensive financial transaction records. The operations were authorised through multiple court warrants and executed under the supervision of senior CIB officers.

 

The illegal exchanges operated under business fronts and were located in areas such as Chalong, Cherngtalay, and Patong in Phuket; Nong Prue in Chonburi; and residential districts in Huai Khwang and Bang Khun Thian, Bangkok. 

 

Businesses involved included Ex24.pro, Cryptopida, and Money Markets, allegedly posing as legitimate digital asset platforms while operating without licences from the Securities and Exchange Commission (SEC) of Thailand.

 

Officials have warned that providing digital asset exchange services without SEC approval is a serious offence, even for licensed money changers. At present, only 33 entities in Thailand hold official licences to operate cryptocurrency exchanges.

 

Authorities are continuing investigations and pursuing legal action against those involved in the sprawling network. The CIB underscored the dangers of unregulated crypto transactions, highlighting the risks they pose not only to financial transparency but also to public safety, given their frequent ties to organised crime.

 

“This operation sends a strong message: unlicensed digital asset trading will not be tolerated,” said Police Lieutenant General Jiraphop Bhuridej, Commissioner of the Central Investigation Bureau.

 

The investigation is ongoing, with further arrests and asset seizures anticipated in the weeks ahead.

 

 

  Adapted by Asean Now from CIB 2025-04-25.

 

 

 

[Jim Blue]

This makes me realize that I cannot really understand modern crimes like these ! Billions stolen.

In my day you just robbed a mail train of a couple of million and were folk heroes for decades.