Arrest and Asset Seizure
On February 5, Thai and Chinese authorities conducted a coordinated raid in Thailand, resulting in the arrest of two Chinese nationals. The operation led to the confiscation of $2.5 million in USDT stablecoins, equivalent to 84 million baht, as well as additional assets valued at over $100,000. The suspects, identified as Ye Wanyou, 29, and Li Weijia, 30, initially attempted to evade capture but were ultimately detained at their luxury residence.
Authorities from the Huamark Police Station and the Police Cyber Taskforce (PCT) carried out the operation, seizing not only the digital assets but also approximately $114,285 worth of valuables and $11,430 in cash. Prior to the arrests, Thai Prime Minister Paetongtarn Shinawatra reportedly instructed top police officials, including national police chief Kitt-rath Phanphetch, to coordinate efforts with their Chinese counterparts.
Links to Human Trafficking and Fraud
Two days after their capture, investigators uncovered evidence connecting the suspects to a human trafficking network operating near the Mae Sot district in Tak province along the Thai-Myanmar border. Further investigations revealed that the pair had extended their illicit activities to Phnom Penh, Cambodia, where they were involved in marketing fraudulent products in addition to their operations in Thailand.
According to reports from the Bangkok Post, Ye and Li were suspected to be senior members of a call center fraud ring running an “insult to injury” scam. This elaborate scheme involved the creation of fake Facebook profiles impersonating the Royal Thai Police. The scammers used these accounts to deceive victims into believing their money had been stolen by fraudsters and redirected to gambling sites. Under the pretense of helping them recover their funds, the criminals would then exploit and steal from the victims further.
🚨 Joint operation busts Chinese scammers in Thailand, seizing $2.5M USDT and uncovering human trafficking links.#Thailand #China #cryptohttps://t.co/r2ZecvysTV
— Cryptonews.com (@cryptonews) February 11, 2025
Criminal Charges and Ongoing Investigation
Following their arrest, both Ye and Li were charged with illegally facilitating bank accounts and selling phone numbers, though they have denied any wrongdoing. The investigation into their activities continues as authorities work to uncover additional details about their criminal network.
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