Quick Stats
- Seized Crypto Assets: $2.5 million in USDT
- Arrests Made: Two Chinese nationals, ages 29 and 30
- Additional Assets Confiscated: $44,550 in fiat and luxury items
- International Law Enforcement Involvement: Thai CCIB, Chinese authorities, and Interpol
- Key Crimes Investigated: Crypto fraud, human trafficking, and illicit product sales
A joint operation between Thai and Chinese law enforcement resulted in the arrest of two Chinese nationals accused of orchestrating a large-scale crypto investment scam that defrauded victims out of millions in Tether (USDT). The arrests were carried out on February 5, following an intensive investigation into fraudulent online investment schemes targeting unsuspecting users.
The suspects, 29-year-old Ye Wanyou and 30-year-old Li Weijie, were apprehended at a luxury residence, where authorities also confiscated approximately $44,550 worth of assets. According to local reports, the individuals attempted to resist arrest and even tried to delete crucial data from their mobile phones to obstruct the investigation.
Following their capture, collaboration between Thai and Chinese authorities led to the freezing of $2.5 million worth of USDT, believed to have been obtained through the scam. Investigators are now working to trace additional stolen funds that may have been laundered through offshore crypto exchanges and decentralized finance (DeFi) protocols.
“Police Lieutenant General Siam Boonsom, Commissioner of the Metropolitan Police Bureau, announced additional charges against the two Chinese suspects for public fraud. Authorities are opposing bail in their detention request to the Criminal Court,” – Local English media, khaosoden – Reported
Cross-Border Crypto Fraud Crackdown Intensifies in Southeast Asia
The crypto fraud crackdown in Thailand is part of a broader effort by Southeast Asian law enforcement agencies to combat the rise of digital asset scams. Over the past year, authorities in Singapore, Malaysia, and the Philippines have executed similar high-profile arrests, collectively seizing hundreds of millions of dollars in stolen crypto assets.
Thai authorities have also issued arrest warrants for additional key suspects, some of whom are believed to have fled the country. The Thailand Cyber Crime Investigation Bureau (CCIB) has been in active cooperation with foreign regulators and major crypto exchanges to help track stolen funds and freeze suspicious wallets before they can be liquidated.
Collaboration with Chinese law enforcement has also uncovered disturbing links between the suspects and human trafficking operations along the Thai-Cambodian border. Investigators have identified potential operational offices in Phnom Penh, Cambodia, where fraudulent product sales and other illegal activities were also being conducted.
According to Thai Police Lieutenant General Siam Boonsom, the two Chinese suspects have been formally charged with public fraud, and authorities are opposing their bail requests as investigations continue. More arrests are expected, with Thai and international law enforcement agencies actively tracking other accomplices.
