Joint Thai-Chinese Operation Freezes $2.5 Million in Cryptocurrency Tied to Scammers

Thai and Chinese authorities have successfully frozen $2.5 million in cryptocurrency assets linked to two Chinese nationals, Ye Wanyou (29) and Li Weijie (30), who are accused of running scams. According to Khaosod English, The operation, conducted on February 5, was a joint effort between Huamark Police Station and the Police Cyber Taskforce (PCT). The two suspects were arrested after attempting to resist capture and deleting data from their phones. They were initially caught at their luxury residence, where authorities seized $44,550 in assets.

Through further collaboration with Chinese police, investigators uncovered hidden cryptocurrency wallets containing approximately 2.5 million USDT (Tether tokens), worth about 84 million baht. This discovery was a significant development in a larger investigation into the suspects’ alleged criminal activities. 

Authorities suspect the duo was involved in human trafficking operations near Mae Sot, a district along the Thai border in Tak province. Additionally, evidence suggests fraudulent product sales were being carried out within Thailand, and potential office locations in Phnom Penh, Cambodia, were identified.

The investigation has led to additional charges of public fraud against Ye and Li. Thai authorities are also opposing their bail request, as they continue to probe the full extent of the operation and potential accomplices. 

The success of this operation highlights the increasing efforts of both Thai and international law enforcement agencies to tackle crypto-related scams and other illicit activities. The investigation is ongoing, and officials are set to uncover more details about the syndicate’s operations.