Thai authorities, with support from the United States Secret Service (USSS), have arrested five individuals and dismantled a sprawling illicit cryptocurrency network operating across Bangkok, Phuket, and Chon Buri. The coordinated raids — conducted as part of Operation Crypto Phantom — targeted unlicensed over-the-counter (OTC) crypto trading businesses that were enabling the laundering of funds tied to narcotics trafficking, online gambling, and transnational scam operations. TRM Labs is proud to support Thai law enforcement and the USSS.
The investigation revealed that multiple unregistered currency exchange firms were offering illegal crypto trading services in some of Thailand’s busiest tourist hubs. These firms helped clients bypass formal financial channels, evade taxes, and avoid regulatory oversight, serving as key nodes in the laundering of illicit proceeds.
Using blockchain intelligence, Thai police followed the trail of funds from the original criminal wallets to consolidation addresses and ultimately to centralized virtual asset service providers (VASPs), where assets were successfully identified and seized. The operation uncovered more than 1,000 financial transactions linked to criminal networks and revealed over 14 billion Thai baht — approximately USD 380 million — in suspicious flows moving through these informal trading networks.
During the raids, Economic Crime Suppression Division (ECD) officers seized digital devices, bank account records, and other critical evidence from the eight locations. The five suspects arrested are alleged to have operated these illegal exchanges and facilitated the movement of criminal proceeds, including from drug trafficking rings and call center scam syndicates. According to ECD Commander Pol Maj Gen Thatphum Jaruphat, some of the arrested operators also provided crypto services to individuals attempting to avoid transaction reporting requirements and government scrutiny.
The investigation remains ongoing as Thai authorities continue to examine financial links and potential accomplices across jurisdictions. Operation Crypto Phantom highlights how law enforcement can successfully trace and disrupt complex crypto-based money laundering schemes—and underscores the critical importance of cross-border collaboration. Over the past several years, TRM has supported Thai authorities through training and technical assistance, helping to build the investigative capacity needed to take on sophisticated illicit finance networks. This case demonstrates that coordinated efforts—grounded in intelligence sharing, blockchain analytics, and local capacity-building—are essential to identifying illicit flows, executing high-impact takedowns, and strengthening the security of the global financial system.
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