In a high-stakes takedown that could rival a crime thriller, Thai and Chinese law enforcement authorities have successfully frozen $2.5 million in cryptocurrency from two suspected Chinese scam masterminds. 

The operation, which took place on February 5, was a coordinated effort between Thailand’s Huamark Police Station and the Police Cyber Taskforce (PCT). According to a recent report by local English-language news outlet Khaosod English, the suspects were caught attempting to erase digital evidence as police moved in.

The suspects, identified as 29-year-old Ye Wanyou and 30-year-old Li Weijie, were arrested at a luxury residence in Bangkok’s Patio Ratchayothin Village. 

During the initial raid, police seized approximately $44,550 in assets. However, the breakthrough came when Thai authorities, working in tandem with their Chinese counterparts, discovered and froze hidden cryptocurrency wallets containing roughly 2.5 million USDT, valued at approximately 84 million baht.

A joint investigation meeting on February 7 at Huamark Police Station unearthed additional evidence suggesting the suspects’ involvement in human trafficking operations near the Mae Sot district in Tak province, bordering Myanmar.

Authorities also identified potential fraudulent business operations linked to the suspects in Phnom Penh, Cambodia. Furthermore, investigations pointed to deceptive product sales schemes within Thailand, hinting at a broader criminal network beyond just digital asset fraud.

Police Lieutenant General Siam Boonsom, Commissioner of the Metropolitan Police Bureau, confirmed that the two suspects face charges of public fraud. Given the severity of their alleged crimes, authorities have opposed bail in their court proceedings.