TechFlow reports that on March 24, Thai police arrested two Chinese nationals suspected of cryptocurrency fraud and kidnapping. The suspects, identified as 27-year-old Di Wu (phonetic) and her 29-year-old boyfriend Zongyong Zhou (phonetic), were apprehended at a luxury villa in Pattaya.
According to the investigation, Wu lured victims through Facebook into investing in a fictitious Singapore dollar-denominated investment fund, defrauding over 600 million Thai baht (approximately $17.7 million) in just the past two months. The scammers used "dummy accounts" to briefly hold the funds before converting them into USDT via P2P transactions on Binance and other Thai digital asset exchanges, which were then transferred to Wu's digital wallet registered in Cambodia.
Authorities also found evidence that Zhou was involved in the abduction of a Chinese woman in Cambodia for ransom; the woman remains missing. Thai police stated that the couple will first undergo legal proceedings in Thailand before being handed over to Chinese authorities for prosecution under Chinese law.
