Joint Thai-Chinese Operation Freezes $2.5 Million in Cryptocurrency Tied to Scammers
Thai and Chinese authorities have successfully frozen $2.5 million in cryptocurrency assets, which are linked to two Chinese nationals (29) and Li Weijie (30), who are accused of scamming. According to Khaosod English, The operation carried out on February 5 is a joint effort between the Huamark Police Department and the Police Network Task Force (PCT). Two suspects were arrested after trying to resist the capture and deletion of data in their phones. Initially, they were caught in a luxury residence and authorities seized $44,550 in assets.
Through further cooperation with Chinese police, investigators discovered hidden cryptocurrency wallets containing about $2.5 million (banded token) worth about 84 million baht. This discovery is a significant development in the larger investigation into the so-called criminal activity of the suspect.
Authorities suspect the two were involved in human trafficking operations near Messot along the Thai border of Tarzan Province. In addition, there is evidence that fraudulent product sales are underway in Thailand and a potential office location in Phnom Penh, Cambodia.
The investigation led to additional lawsuits against Ye and Li for allegations of public fraud. Thai authorities also objected to their bail requests as they continued to explore the full scope of operations and potential accomplices.
The success of this action highlights the growing efforts of Thai and international law enforcement agencies to deal with crypto-related scams and other illegal activities. An investigation is underway and officials will find more details about the group’s business.
