Thailand-China Joint Operation Seizes $2.5M USDT from Chinese Scammers

In a joint operation, authorities from Thailand and China successfully seized $2.5 million worth of cryptocurrency assets from two Chinese nationals allegedly involved in a large-scale scam operation.

According to a local source, the raid was conducted by Thailand’s Huamark Police Station and the Police Cyber Taskforce (PCT). It resulted in the arrest of Ye Wanyou, 29, and Li Weijie, 30.

The two suspects, residing in a luxury Bangkok property, attempted to delete data from their phones during the arrest but were subdued before they could destroy potential evidence.

Initially, authorities confiscated $44,550 in assets at the scene. However, following a collaborative investigation with Chinese law enforcement, additional hidden crypto wallets containing 2.5 million USDT were discovered and promptly frozen.

Thailand-China Joint Operation Exposed Human Trafficking and Fraudulent Operations

Beyond financial fraud, the investigation revealed the suspects’ involvement in human trafficking operations along Thailand’s border with Myanmar, particularly in the Mae Sot district of Tak province.

Authorities suspect the duo played a role in trafficking victims across the border, potentially linking them to larger criminal syndicates operating in the region.

Further inquiries led investigators to an office in Phnom Penh, Cambodia, allegedly used for fraudulent activities, including selling counterfeit goods in Thailand.

The scale of their operations suggests they had built a network spanning multiple countries, making the case particularly significant for both Thai and Chinese law enforcement.

In light of these findings, the Metropolitan Police Bureau has levied additional public fraud charges against the suspects, and bail is being firmly opposed.

Police Lieutenant General Siam Boonsom stated that authorities are working to dismantle the broader network connected to the operation.

Thailand’s Increasing Efforts Amid Growing Crypto Crimes In The Asian Region

The high-profile bust comes as Thailand faces a surge in crypto-related crimes. With cryptocurrency trading in Thailand witnessing a sharp increase in 2024, authorities are tightening regulations and enforcement mechanisms to combat illicit activities.

The recent crackdown follows another major operation weeks earlier, where Thai officials dismantled an illegal Bitcoin mining farm in Chonburi province.

That raid resulted in the seizure of nearly 1,000 mining machines and revealed a scheme to steal electricity, causing significant financial losses and straining the local power grid.

In light of this latest raid, Thailand’s Prime Minister Paetongtarn Shinawatra has praised the successful cooperation between Thai and Chinese law enforcement in disrupting the multi-layered scam.

She has also directed senior police officials to continue working closely with their Chinese counterparts to uncover the full extent of illicit crypto dealings.

This is not the first type of such arrest this year. Last month, Vietnamese police arrested four individuals in Dong Nai Province for defrauding over 200 victims of 4 billion VND ($157,300) through a crypto-mining scam.

Instead of engaging in legitimate crypto activities, they funnel investors’ money into their wallets.

Beyond Vietnam and Thailand, crypto crimes are also on the rise in South Korea. This month, South Korean prosecution officials indicted six people, including a practicing South Korean lawyer, in an investigation into a $7.9 million crypto scam.

Similarly, at the end of 2024, South Korean authorities arrested 215 individuals linked to a $232 million crypto scam that deceived more than 15,000 victims.

Similarly, that same month, the authorities arrested over 81 individuals involved in a Bitcoin mining scam as they accidentally targeted a detective who busted them.

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