BANGKOK, Thailand — A major joint operation between Thai and Chinese authorities led to the arrest of two Chinese nationals, Ye Wanyou, 29, and Li Weijie, 30, on February 5. The pair were allegedly involved in a large-scale scam operation that resulted in the seizure of $2.5 million worth of Tether’s USDT stablecoin.
The Arrests and Seizure of Assets
The arrests were made at a luxury residence, where police discovered $44,550 worth of additional assets. Upon arrest, the suspects reportedly attempted to delete data from their phones, resisting capture. The investigation, which involved cooperation between Thai and Chinese law enforcement, led to the freezing of the $2.5 million USDT. The authorities have confirmed that the criminal activities were linked to fraud and other illicit activities.
A representative from Tether expressed confidence in the traceability of their stablecoin, noting that “every transaction is traceable” and that “every criminal can be caught.” The arrest is seen as proof that criminals can be apprehended and their assets seized when using cryptocurrencies like USDT.
Broader Investigation and Links to Human Trafficking
Further investigations revealed that the two men were allegedly involved in human trafficking operations along the Thai border. Authorities have also uncovered potential offices in Phnom Penh, Cambodia, and discovered fraudulent product sales in Thailand. Thai police charged the two men with public fraud, and further arrests may follow as the investigation continues.
Growing Trend of Cross-Border Scams
This operation is part of a larger global effort to combat cryptocurrency-related fraud. In December 2024, the Nigerian Economic and Financial Crimes Commission arrested nearly 800 people involved in crypto romance scams, many of whom were Chinese nationals. Additionally, Hong Kong police recently intercepted more than $3.37 million in scam proceeds linked to AI-driven fraud schemes targeting victims.
The success of this operation highlights the ongoing international efforts to curb cryptocurrency-related crime and human trafficking, with authorities continuing to target the use of digital assets in illicit activities.
