Chinese Scammers Nabbed: $2.5M USDT Seized in Thai Raid

Thai and Chinese authorities have collaborated to dismantle a large-scale scam operation, resulting in the seizure of $2.5 million worth of Tether's USDT stablecoin. The arrests, which took place on February 5, involved two Chinese nationals who allegedly resisted arrest and attempted to delete data from their phones.

The suspects, identified as 29-year-old Ye Wanyou and 30-year-old Li Weijie, were apprehended at a luxury residence in Thailand. During the raid, investigators also seized $44,550 worth of assets. Further investigations, in collaboration with Chinese authorities, led to the freezing of $2.5 million worth of USDT.

A Tether spokesperson stated that the company's traceability and transparency facilitated the apprehension of the criminals and the seizure of their illicitly obtained USDT holdings. The spokesperson highlighted that every action on Tether's platform is online, every transaction is traceable, and every asset can be seized.

The investigation also uncovered evidence suggesting that the suspects were involved in human trafficking operations along the Thai border. Authorities located potential offices of the operations in Phnom Penh, Cambodia, and discovered fraudulent product sales in Thailand.

Thai Police Lieutenant General Siam Boonsom confirmed that the two men were charged with public fraud. Authorities are opposing bail and the investigation is ongoing, with possible accomplices yet to be arrested.

This is not the first instance of a scam operation involving Chinese nationals outside of China. In mid-December 2024, the Nigerian Economic and Financial Crimes Commission arrested nearly 800 people nationwide in connection to crypto romance scams, with a strong presence of Chinese nationals among the arrested.

Among those arrested were 148 Chinese, 40 Filipinos, two Kharzartans, one Pakistani, and one Indonesian. In February, Hong Kong police also conducted an elaborate operation targeting victims through the use of artificial intelligence.