Crypto raids in Cherng Talay linked to drug trafficking and scams
Two cryptocurrency exchanges in Cherng Talay have been raided in a high-profile crackdown, with police alleging links to drug trafficking and scam operations.
The exchanges, Ex24.pro and Cryptopida, were among eight locations hit by a coordinated operation led by the Central Investigation Bureau (CIB) on April 18, as part of Operation Crypto Phantom. This nationwide campaign is aimed at dismantling illegal digital asset networks, which have been facilitating the movement of billions of baht through unlicensed trading platforms.
The raids, authorised by court-issued warrants, targeted several locations across Phuket, including a commercial building in Village 10, Chalong, and another in Patong operating under the name Money Markets. Interestingly, multiple sites raided featured Russian-language signage inside their exchanges, hinting at a potential international connection.
“These exchanges were conducting ‘hand-to-hand’ cryptocurrency transactions, primarily involving USD Tether (USDT), outside the scope of licensed platforms, which allowed them to evade financial oversight and taxes,” the CIB explained in a statement.
Investigators say these unregulated services are frequently exploited by criminal groups to launder money and fund illicit activities such as drug trafficking and call centre scams.
A preliminary investigation has uncovered more than 1,000 suspicious transactions, amounting to over 425 million USDT, roughly equivalent to 14 billion baht. These transactions highlight the scale of the operation, which is thought to be part of a larger underground network moving vast sums of money illegally.
In addition to the raids in Cherng Talay, operations were also carried out in Chon Buri and Bangkok, where private residences and front companies masquerading as currency exchanges were targeted. One such location, called Hua Pi Tui Huan Chang, was found in Bangkok’s Huai Khwang district.
“The investigation is ongoing, and further arrests and asset seizures are expected,” the CIB report concluded. Officers are now analysing the digital evidence and financial records seized during the raids.
This crackdown is the latest in a series of moves to curtail the influence of unregulated crypto exchanges in Thailand, as the government steps up efforts to curb financial crimes, reported The Phuket News.
The full scale of this illicit network is still unfolding, but police are confident that more arrests will follow as they continue to probe the dark side of digital currency trading.
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