$2.5M in Crypto Assets Seized in Thai Scam Raid

Two Chinese nationals were arrested in Thailand on Feb. 5, after a joint Thai-Chinese operation seized $2.5 million in USDT and other assets worth over $100,000.

Scam Masterminds Linked to Human Trafficking

A recent joint operation by Thai and Chinese law enforcement resulted in the seizure of $2.5 million worth of USDT stablecoins (84 million baht) from two Chinese scam masterminds. One report says the two, Ye Wanyou, 29, and Li Weijia 30, initially resisted arrest before being subdued by officers who raided their luxury residence Feb. 5.

In addition to the digital assets, officers from Huamark Police Station and the Police Cyber Taskforce also recovered assets worth $114,285 and more than $11,430 in cash. Before the raid, Thai Prime Minister Paetongtarn Shinawatra reportedly instructed top police officials, including national police chief Kitt-rath Phanphetch, to liaise with their Chinese counterparts.

An investigation two days after the arrests found evidence linking the two Chinese nationals to a human trafficking ring operating near Mae Sot district in Tak province, along the Thai-Chinese border. The investigation also determined that the masterminds had similar operations in Phnom Penh, Cambodia, and were involved in marketing fraudulent products in Thailand.

According to a Bangkok Post report, the two masterminds are believed to be senior members of a call center gang operating an “insult to injury” scam. The scam’s tactics involved using fake Facebook accounts of the Royal Thai Police to convince unsuspecting residents that scammers had stolen their money.

Residents responding to posts on the fake social media accounts were reportedly shown how the scammers had moved the funds to gambling sites. The scammers would then offer to help the victims recover the “stolen” funds, when in fact they were stealing from them. This tactic has become popular among Thai-based scammers and those in neighboring countries.

Meanwhile, the Bangkok Post reported the two masterminds were initially charged with illegally providing bank accounts and selling phone numbers. Both deny the charges.