Thai and Chinese authorities have successfully frozen $2.5 million in cryptocurrency assets linked to two Chinese nationals accused of running scams.
Arrest of Suspects and Asset Seizure
On February 5, in a joint operation by the Huamark Police Station and the Police Cyber Taskforce, two Chinese nationals, Ye Wanyou (29) and Li Weijie (30), were arrested. The suspects were resistant to arrest and attempted to delete data from their phones. Authorities seized $44,550 in assets from their luxury residence.
Investigation and Discovery of Crypto Wallets
Through cooperation with Chinese police, investigators uncovered hidden cryptocurrency wallets containing approximately 2.5 million USDT (Tether tokens), worth about 84 million baht. This was a significant development in a larger investigation into the suspects' alleged criminal activities.
Further Charges and International Cooperation
Authorities suspect the duo was involved in human trafficking operations near Mae Sot, a district along the Thai border in Tak province. Evidence also suggests fraudulent product sales within Thailand, with potential office locations identified in Phnom Penh, Cambodia. Additional public fraud charges have been filed against the suspects, and Thai authorities are opposing their bail request while continuing to probe the extent of the operation and potential accomplices.
The success of this operation highlights increasing efforts by Thai and international law enforcement agencies to tackle crypto-related scams and other illicit activities. The investigation is ongoing, with officials set to uncover more details about the syndicate's operations.
