Two Chinese citizens arrested in Thailand for cryptocurrency fraud involving nearly $18 million

Foresight News reported that according to Cryptonews, Thai police have arrested two Chinese citizens suspected of cryptocurrency fraud and kidnapping. The police arrested 27 year old Wu Di and her boyfriend 29 year old Zhou Zongyong at a luxury villa in Pattaya. An investigation shows that Wu Di deceived victims into investing in a fictional Singapore dollar investment fund through Facebook, defrauding over 600 million Thai baht (approximately 17.7 million US dollars) in just the past two months. Scammers use "puppet accounts" to temporarily hold funds, which are then converted into USDT through P2P trading on Binance and other Thai digital asset exchanges, and then transferred to Wu Di's digital wallet registered in Cambodia. The police also found that Zhou Zongyong is suspected of kidnapping a Chinese woman in Cambodia and demanding ransom, and the woman's whereabouts are still unknown. The Thai police stated that the couple will first undergo legal proceedings in Thailand and then be transferred to Chinese authorities for prosecution under Chinese law.