- Thai police freeze $2.5 million in crypto linked to fraudsters’ activities.
- Suspects arrested for human trafficking and selling counterfeit products in Thailand.
- Thailand’s increasing cryptocurrency activity has raised alarms.
Thai authorities, in collaboration with Chinese police, have frozen cryptocurrency assets worth $2.5 million (around 84 million Thai baht) connected to two Chinese nationals.
According to Khaosod English, Thai police picked up the two suspects, Ye Wanyou and Li Weijie, on February 5 in a high-end residential area of Bangkok. Turns out, the suspects tried to wipe data on their phones but cops were too quick for them. Right away, searches turned up $44,550 in cash. Teaming up with Chinese authorities, investigators dug up hidden cryptocurrency wallets holding $2.5 million in USDT (Tether), which was promptly frozen.
Human Trafficking and Fake Goods Operation Uncovered
The probe showed the suspects were likely mixed up in human trafficking along the Myanmar-Thailand border, especially around Mae Sot, Tak Province. They also ran an office in Phnom Penh, Cambodia, and were tied to selling fake products in Thailand.
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