A recent collaboration between Thai and Chinese law enforcement has resulted in two arrests and the seizure of $2.5 million worth of Tether’s USDT stablecoin, a popular digital currency. The suspects, 29-year-old Ye Wanyou and 30-year-old Li Weijie, were apprehended on February 5th at a luxury residence where authorities also seized an additional $44,550 worth of assets.
The two Chinese nationals reportedly resisted arrest and attempted to erase data from their phones, but to no avail. The seized stablecoin funds were allegedly obtained through a large-scale scam operation, as detailed in a report by local English-language news outlet Khaosod English.
A spokesperson from Tether offered a statement to Decrypt, explaining, “With Tether, every action is online, every transaction is traceable, every asset can be seized, and every criminal can be caught.” The representative affirmed that the apprehension of the perpetrators and the seizure of their USDT holdings is a testament to the traceability and capture of criminals engaged in illicit use of USDT.
Upon further investigation, in collaboration with Chinese authorities, evidence was uncovered suggesting the suspects’ involvement in human trafficking operations along the Thai border. Offices potentially connected to the operation were discovered in Phnom Penh, Cambodia, and fraudulent product sales were traced back to Thailand.
Thai Police Lieutenant General Siam Boonsom confirmed that the two men have been charged with public fraud. Authorities are opposing bail, and the investigation continues, with potential accomplices yet to be apprehended.
This case is not an isolated incident involving Chinese nationals in scam operations outside of China. In mid-December 2024, the Nigerian Economic and Financial Crimes Commission arrested nearly 800 individuals nationwide in connection with crypto romance scams. The arrested included 148 Chinese, 40 Filipinos, two Kharzartans, one Pakistani, and one Indonesian. In February, Hong Kong authorities intercepted over $3.37 million in scam proceeds as part of an elaborate operation that exploited victims through the use of artificial intelligence.
As the investigation continues, this incident serves as a stark reminder of the paramount importance of cybersecurity and due diligence in the digital economy. The continued cooperation between international law enforcement agencies is critical in curbing such illicit activities and safeguarding the integrity of digital currencies.
