Chinese citizen arrested in Bangkok for organizing $14 million cryptocurrency Ponzi scheme
Date: 2025-10-30 Author: Gabriel Deangelo Categories: IN WORLD
Thai authorities have arrested a Chinese citizen who, according to investigators, was behind a major cryptocurrency Ponzi scheme that resulted in losses of over $14 million. The operation took place in Bangkok after Chinese law enforcement initiated an international investigation that led to his discovery.
The fraudulent scheme was presented as an investment project, supposedly generating stable profits from trading digital assets. In reality, funds collected from investors were transferred to crypto wallets controlled by the suspect, and payments were made using new investments.
Hundreds of citizens from China and other Asian countries were among the victims. Most of them invested through a specially created online platform that appeared to be a legitimate investment company. After receiving numerous complaints of suspicious activity, the perpetrator left China and moved to Thailand, where he lived under false identity.
Investigators found that he used a complex network of crypto wallets and bank accounts to conceal the origin of his funds. After his location was established, Thailand's Cybercrime Department, working with their Chinese counterparts, conducted an arrest operation. During the search, laptops, mobile devices, and documents confirming his financial activities were seized from the suspect.
Thai police confirmed they are preparing to extradite the suspect to China, where he faces charges of fraud, money laundering, and illegally soliciting funds from the public. Chinese investigators are already gathering evidence to file formal charges.
The incident is yet another reminder of the risks associated with investing in dubious crypto projects promising quick and high returns. Authorities from both countries have emphasized their commitment to strengthening cooperation in cybersecurity and investigating financial crimes related to digital assets.
Previously, Vietnamese police dismantled the largest cryptocurrency Ponzi scheme in the country's history, involving the Paynet Coin (PAYN) token. Twenty people were arrested, including the alleged mastermind of the scheme, 45-year-old Nguyen Van Ha from Gia Lai Province.
Furthermore, a Brazilian court sentenced three participants in another cryptocurrency scam to 171 years in prison, demonstrating the growing determination of authorities around the world to combat such crimes.
