Thai and Chinese police have successfully seized $2.5 million in Tether (USDT) from an alleged large-scale scam operation, demonstrating the traceability of cryptocurrency transactions. The operation, conducted on February 5th, resulted in the arrest of two Chinese nationals, Ye Wanyou (29) and Li Weijie (30), at a luxury residence in Thailand. The suspects reportedly resisted arrest and attempted to delete data from their mobile phones.
In addition to the USDT seizure, authorities also confiscated $44,550 in other assets at the residence. The investigation, conducted in collaboration with Chinese law enforcement, revealed that the suspects were involved in a sophisticated scam operation. This collaboration also led to the freezing of the $2.5 million worth of USDT.
A Tether spokesperson emphasized the significance of this seizure, stating that "with Tether, every action is online, every transaction is traceable, every asset can be seized, and every criminal can be caught." The spokesperson further highlighted that the successful apprehension of the perpetrators and the recovery of their USDT holdings serves as proof of the traceability of the stablecoin and the ability to bring criminals engaging in its illicit use to justice.
The investigation has uncovered further potential criminal activities beyond the initial scam. Evidence suggests the suspects' involvement in human trafficking operations along the Thai border. Authorities have also identified potential operational offices in Phnom Penh, Cambodia, and uncovered fraudulent product sales within Thailand.
Thai Police Lieutenant General Siam Boonsom confirmed that the two men have been charged with public fraud. Authorities are opposing bail for the suspects, and the investigation is ongoing, with the possibility of further arrests of accomplices. This successful operation underscores the collaborative efforts of international law enforcement in combating cybercrime and the increasing traceability of digital assets in criminal investigations. The case highlights the importance of international cooperation in dismantling complex criminal networks operating across borders.
