- Thai police freeze $2.5 million in USDT linked to Chinese scam suspects.
- The investigation uncovers hidden wallets, human trafficking links, and fraudulent operations.
Thai police collaborated with Chinese authorities to freeze $2.5 million in Tether (USDT) linked to a high-profile scam operation. The suspects, two Chinese nationals, Ye Wanyou, 29, and Li Weijie, 30, were arrested on February 5 at a Bangkok residence. These two are reportedly said to have attempted to erase relevant data from their mobile devices before being arrested.
The investigation, led by the Police Cyber Taskforce (PCT) and Huamark Police Station, initially uncovered $44,550 in seized assets. A deeper probe, assisted by Chinese law enforcement, revealed hidden crypto wallets containing 2.5 million worth of Tether’s USDT stablecoin (approx. 84 million baht). These digital funds were swiftly frozen to prevent further illicit activities.
The operation is a win for international law enforcement as it signifies the growing effort to track and recover illicit cryptocurrency holdings. A spokesperson from Tether (USDT) emphasizes that their system supports and allows authorities to track suspicious transactions. The stablecoin company also allows authorities to seize assets and apprehend criminals in a joint effort to denounce the notion that crypto is an anonymous asset.
Scam Operation Tied to Human Trafficking and Fraud
Beyond financial fraud, authorities suspect the duo was deeply involved in human trafficking. Evidence suggests they operated near Thailand’s Mae Sot district, a known hub for cross-border smuggling. Investigators also identified connections to scam centers in Phnom Penh, Cambodia, where the convicts orchestrated fraudulent product sales.
Lieutenant General Siam Boonsom of the Metropolitan Police Bureau confirmed that both suspects face public fraud charges. Officials have opposed bail, citing the severity of their crimes and the potential for further revelations as the investigation unfolds.
This case echoes other international scams involving Chinese nationals. In December 2024, Nigerian authorities arrested 800 individuals, including 148 Chinese nationals, for crypto-related romance scams. More recently, Hong Kong police intercepted over $3.37 million in scam proceeds tied to AI-driven fraud. The increasing frequency of such cases signals a broader crackdown on organized financial crimes leveraging cryptocurrency.
Crypto Crime Crackdown Sets New Legal Precedents
The Thai government, under Prime Minister Paetongtarn Shinawatra, has taken a firm stance on financial crimes involving digital assets. The National Police Chief, General Kitt-rath Phanphetch, has vowed to intensify operations against cyber fraud networks. The latest case underscores Thailand’s commitment to cleaning up its financial sector and ensuring enforcement of crypto regulations.
While crypto remains a tool for financial innovation, this case serves as a warning to criminals banking on digital assets for illicit activities. The increasing collaboration between nations like Thailand and China is proving effective in dismantling cross-border fraud syndicates.
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