$2.5M Crypto Scam Crackdown: Police Seize Hidden Wallets

In a joint cybercrime operation, Thai and Chinese authorities have successfully done a $2.5M crypto scam crackdown run by two Chinese nationals.

The suspects, Ye Wanyou (29) and Li Weijie (30), were arrested on February 5, after resisting arrest and attempting to delete evidence from their phones, as reported by Khaosod English.

The operation was spearheaded by Huamark Police Station and the Police Cyber Taskforce (PCT), with additional support from Chinese law enforcement agencies.

Luxury Assets and Hidden Crypto Wallets Found

During the arrest at a luxury residence, authorities uncovered $44,550 in assets. However, the most significant discovery came when Chinese investigators found hidden cryptocurrency wallets.

These wallets contained 2.5 million USDT (Tether tokens), valued at approximately 84 million baht, further unraveling the depth of the scam operation.

Fraud, Human Trafficking, and Cross-Border Operations

Authorities suspect Ye and Li were linked to human trafficking operations near Mae Sot, a Thai border district in Tak province.

Additionally, evidence suggests the operation was involved in:

• Fraudulent product sales within Thailand
• Scam offices in Phnom Penh, Cambodia

As the investigation progresses, Thai authorities have charged the suspects with public fraud and are opposing their bail request.

Ongoing Crackdown on Crypto-Related Financial Crimes

This joint operation between Thai and Chinese law enforcement underscores the global fight against crypto-related fraud. As authorities continue to trace leads, it’s anticipated that the scam network will reveal further details about accomplices and methods used in this large-scale operation.