THE scandals surrounding the Zhang family and their links to online casino, namely Shuffle.com, highlights how blockchain leaves a trail that can be used to root out illicit activity while cryptocurrency itself should not be cast as the villain, Korn Chatikavanij, deputy leader of the Democrat Party and former finance minister, said today (Oct. 25), according to Naewna newspaper.
Bhumjaithai MP Suchada Zhang Tansap’s spouse Taiyang Zhang was known as a founding investor in Shuffle.com, although they are believed to have sold their 1.47% share in the gambling business they are suspected of still holding an undisclosed cache of digital tokens of this online casino registered in Curacao.
Mr. Sirichok Sopha, a former Democrat MP, has dug deep into the online gambling platform “Shuffle”, Korn mentioned.
“There are multiple layers to investigate—ranging from the operation of an online gambling site accessible to Thai users to the potential failure to fully disclose assets. We must now wait for the Department of Special Investigation (DSI), the National Anti-Corruption Commission (NACC), and the Securities and Exchange Commission (SEC) to carry out their duties.
“However, there is one element that should not be unfairly cast as the villain: cryptocurrency itself. In this context, it might even be considered a hero.
“Although Sirichok lacked state authority or a court order to compel banks to disclose account information, he was still able to compile nearly 10,000 transactions linked to the gambling site—totalling over 118 million baht. This is because transactions on a ‘public blockchain’ are open data; anyone can examine them, and they cannot be deleted.
“In contrast, when funds are moved through ‘mule accounts’—the primary method used by gambling sites in Thailand—a trail does exist, but it remains locked within the banks’ closed systems. The general public has no way to access this information; it requires authorities to exercise their legal powers to uncover it. If cash is physically transported to casinos along the borders, tracking it becomes nearly impossible.
“That said, it must also be noted that cryptocurrency cannot be traced in every single instance. Blockchain technology can only reveal the flow of funds between wallets; identifying the actual owner of a wallet requires Know Your Customer (KYC) data held by an exchange.
“Consequently, regulated systems are a crucial component. If funds are routed through ‘mixers,’ moved across different blockchains, or channeled through overseas platforms that do not enforce identity verification, the trail can be broken—a tactic exploited daily by scam syndicates,” he said.
While these swirling scandals should not lead to cryptocurrency exchanges in Thailand being turned into scapegoats, yet they must be subject to rigorous oversight.
Like banks, these exchanges are legally obligated to comply with anti-money laundering regulations. Unlike banks, however, the wallets associated with known gambling operations can be detected using blockchain analytics tools. Therefore, the right question is not “Are the exchanges at fault?” but rather, “Have the exchanges implemented sufficiently thorough screening processes?”
It must be acknowledged that cryptocurrency may make accessing gambling platforms easier. However, every unit of currency that moves across a blockchain leaves a trail—one that is publicly verifiable without needing anyone’s permission to access it.
“Mr. Sirichok has already demonstrated this; if the government is truly committed, these digital footprints serve as an excellent tool for holding those behind the operations accountable,” Korn said.
Furthermore, shutting down gambling websites is entirely feasible. The case of “Shuffle” proves that if the government is serious, it can block access for users in Thailand at any time.
CAPTION:
Top and Front Page: Democrat deputy leader Korn Chatikavanij, left, and former MP Sirichok Sopha, right. Photo – Naewna
Insert: Bhumjaithai MP Suchada Zhang Tansap and her spouse Taiyang Zhang. Photo – Manager Online
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