A Thai and Chinese police collaboration led to two arrests and the seizure of $2.5 million worth of Tether’s USDT stablecoin, the investigators said.

The stablecoin holdings were obtained through a large-scale scam operation, according to a recent report by local English-language news outlet Khaosod English. The arrests were carried out on Feb. 5, with the two Chinese nationals having reportedly resisted arrest and attempting to delete data of their phones.

The suspects, 29-year-old Ye Wanyou and 30-year–old Li Weijie, were apprehended at a luxury residence. There, 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 told Decrypt that “with Tether, every action is online, every transaction is traceable, every asset can be seized, and every criminal can be caught.”

The company representative further highlighted that the fact the perpetrators were caught and their USDT holdings seized, “is testament to the traceability and apprehension of criminals and their illicit use of USDT.”

Collaboration with Chinese law enforcemen

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Author: Adrian Zmudzinski

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