CIB busts illegal crypto ring worth over 14 billion baht
The Central Investigation Bureau (CIB) has announced a crackdown on an illegal digital asset exchange network, uncovering over 14 billion baht in circulating funds.
Thailand’s Central Investigation Bureau (CIB), through the Economic Crime Suppression Division (ECD), on April 24, 2025, announced the results of Operation Crypto Phantom, targeting an illegal USDT cryptocurrency exchange network.
The network reportedly bypassed licensed digital asset exchanges, with total transactions exceeding 14 billion baht, and links to drug trafficking and call centre scams.
Raids were carried out at eight locations across Bangkok, Chonburi, and Phuket, leading to the arrest of five suspects.
Authorities also seized key evidence, including computers, mobile phones, bank books, hardware wallets, and transaction documents.
Investigators revealed that the suspects operated an unauthorised “crypto desk” that catered mainly to foreign clients. They facilitated the exchange of Thai baht for USDT—and vice versa—without going through licensed platforms, thereby avoiding financial oversight and tax obligations.
More than 1,000 suspicious transactions were identified, totalling approximately 425 million USDT (equivalent to over 14 billion baht). These were linked to transnational crime syndicates involved in money laundering, drug trade, and online fraud networks.
Authorities plan to prosecute the offenders and are expanding the investigation to track down other entities involved in similar illicit operations through unregulated digital asset transactions.
