- Thai police freeze $2.5 million in crypto linked to fraudsters’ activities.
- Suspects arrested for human trafficking and selling counterfeit products in Thailand.
- Thailand’s increasing cryptocurrency activity has raised alarms.
Thai authorities, in collaboration with Chinese police, have frozen cryptocurrency assets worth $2.5 million (around 84 million Thai baht) connected to two Chinese nationals.
According to Khaosod English, Thai police picked up the two suspects, Ye Wanyou and Li Weijie, on February 5 in a high-end residential area of Bangkok. Turns out, the suspects tried to wipe data on their phones but cops were too quick for them. Right away, searches turned up $44,550 in cash. Teaming up with Chinese authorities, investigators dug up hidden cryptocurrency wallets holding $2.5 million in USDT (Tether), which was promptly frozen.
Human Trafficking and Fake Goods Operation Uncovered
The probe showed the suspects were likely mixed up in human trafficking along the Myanmar-Thailand border, especially around Mae Sot, Tak Province. They also ran an office in Phnom Penh, Cambodia, and were tied to selling fake products in Thailand.
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Now, authorities have slapped on more fraud charges and are fighting their bail application in court.
Thai PM Praises Cross-Border Crypto Bust
The successful teamwork between Thai and Chinese police has earned praise for blowing the lid off a large-scale scam operation.
Thai Prime Minister Paetongtarn Shinawatra directed top officials to continue working with Chinese counterparts to investigate the full extent of the operation. More details about the suspects’ network and the movement of the funds are still being uncovered. The investigation remains ongoing, with the authorities seeking to identify additional individuals involved in the scam and track the flow of illicit funds.
Thailand Grapples with Rising Crypto Crime
This news breaks as Thai authorities are getting increasingly worried since cryptocurrency trading in Thailand is on the rise, with the number of active accounts more than doubling in 2024.
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Just weeks ago, Thai authorities busted an illegal Bitcoin mining farm in Chonburi province, grabbing nearly 1,000 mining machines. That operation was linked to stealing electricity, costing a lot of money and overloading the local power grid.
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