News View Non-AMP

Crypto News: Joint Thai-Chinese Operation Freezes $2.5 Million in Cryptocurrency Tied to Scammers

Published by
Anjali Belgaumkar

Thai and Chinese authorities have successfully frozen $2.5 million in cryptocurrency assets linked to two Chinese nationals, Ye Wanyou (29) and Li Weijie (30), who are accused of running scams. According to Khaosod English, The operation, conducted on February 5, was a joint effort between Huamark Police Station and the Police Cyber Taskforce (PCT). The two suspects were arrested after attempting to resist capture and deleting data from their phones. They were initially caught at their luxury residence, where authorities seized $44,550 in assets.

Hidden Crypto Wallets Discovered

Through further collaboration with Chinese police, investigators uncovered hidden cryptocurrency wallets containing approximately 2.5 million USDT (Tether tokens), worth about 84 million baht. This discovery was a significant development in a larger investigation into the suspects’ alleged criminal activities.

Fraud and Human Trafficking Charges

Authorities suspect the duo was involved in human trafficking operations near Mae Sot, a district along the Thai border in Tak province. Additionally, evidence suggests fraudulent product sales were being carried out within Thailand, and potential office locations in Phnom Penh, Cambodia, were identified.

The investigation has led to additional charges of public fraud against Ye and Li. Thai authorities are also opposing their bail request, as they continue to probe the full extent of the operation and potential accomplices. 

The success of this operation highlights the increasing efforts of both Thai and international law enforcement agencies to tackle crypto-related scams and other illicit activities. The investigation is ongoing, and officials are set to uncover more details about the syndicate’s operations.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

Recent Posts

Bitcoin Rich List: Who’s Stacking, Who’s Slacking?

In recent months, many major companies around the world have started buying large amounts of…

June 1, 2025

XRP Price Prediction for 2040: Will It Be Enough to Quit Your 9-to-5?

Many crypto investors dream about the day their favorite coin takes off — and for…

June 1, 2025

This Hot New Altcoin In DeFi Is Turning Heads

As the month of May draws to a close, investors are searching for the best…

June 1, 2025

Best Crypto Coins to Watch This Week and Buy

This week’s crypto spotlight shines brightly on a select group of coins capturing investor interest…

June 1, 2025

Missed Bitcoin at $1? Bitcoin Solaris at $5 Is the Closest You’ll Get to a Real Second Shot

Most investors who passed on Bitcoin early didn’t lack belief — they lacked access, context,…

June 1, 2025

MOONPIG Price Crashes 65% & Kaspa Holds as Punisher Coin See Whale Action: Is this the Next 1000x Pump?

Is meme coin season peaking, or just getting smarter? Right now, Kaspa (KAS) market sentiment…

June 1, 2025