Thai authorities dismantle unlawful cryptocurrency trading networks
Unleashing the Thai Crackdown on Underground Crypto Operations
As the cat and mouse game between law enforcement and cybercriminals continues, the Thai police have pulled off a significant move, dubbed "Operation Crypto Phantom", clamping down on clandestine crypto trading outfits suspected of laundering funds for shady operations, like drug syndicates and scam networks.
The latest skyscraper in this high-stakes chase saw the Thai police storm eightstrongholds -- three in Bangkok, one in Chon Buri, and four in the sun-soaked tourist paradise of Phuket. In a media briefing Thursday, Pol Maj Gen Thatphum Jaruphat, Commander of the Economic Crime Suppression Division (ECD), detailed the gravity of these secretive trading operations.
Many currency exchange firms in these tourist cities illegally catered to crypto trading, primarily Tether (USDT), enabling clients to dodge financial transaction inspections and elude tax obligations. Sadly, some of these firms were playing both sides of the law, acting as money launderers for illicit enterprises, with a special focus on drug cartels, call centre swindles, and online gambling dens.
Pro digging into these financial transactions, investigators unearthed over 1,000 transactions linked to criminal activities, with a staggering value surpassing 14 billion baht (approximately 425 million USDT). During the raids, the ECD nabbed five culprits involved in illegal crypto trading. Computers, mobile phones, bank account documents, and additional financial records were confiscated from the locations.
Pol Maj Gen Thatphum, in his usual no-nonsense tone, underscored the ongoing efforts of Thai authorities to snuff out unauthorized crypto networks and stamp out financial crimes. He hinted at forthcoming arrests and asset seizures as investigations carry on.
"Operation Crypto Phantom" stands as testament to Thailand's unwavering commitment to aggressive action against crypto-powered illicit activities. In short, they're gunning for thegypsy con artists trying to ride the cryptocurrency wave and fleece unsuspecting victims.
- The Thai police, in the course of operation "Operation Crypto Phantom", have targeted cryptocurrency operations suspected of laundering funds, particularly those using Tether (USDT), in Bangkok, Chon Buri, and Phuket.
- The investigation into these financial transactions revealed over 1,000 transactions linked to criminal activities, with a worth exceeding 14 billion baht (approximately 425 million USDT).
- During the raids, the Economic Crime Suppression Division (ECD) seized computers, mobile phones, bank account documents, and additional financial records, and arrested five culprits involved in illegal crypto trading.
- Pol Maj Gen Thatphum, Commander of the ECD, has emphasized the continuous efforts of Thai authorities to combat unauthorized crypto networks and financial crimes, hinting at additional arrests and asset seizures in the future.
