Chinese Man Arrested in Thailand Over Alleged Crypto Scam
A Chinese national wanted in connection with a major cryptocurrency fraud scheme has been arrested in Thailand. The suspect, known by the alias Xiao Duan or 'Director Duan,' was linked to the fraudulent activities involving the now-defunct BHE Exchange platform, which reportedly caused significant financial losses to thousands of investors.
Details of the BHE Exchange Scam
BHE Exchange launched a token called 'DDO,' attracting widespread investment before abruptly shutting down. Users were left unable to withdraw their funds, and the platform’s operators disappeared. The incident reportedly affected around 20,000 victims, with estimated losses exceeding $128 million (approximately 900 million yuan).
Manhunt and Capture in Thailand
The suspect tried to evade authorities by frequently relocating and maintaining a low profile. However, Thai immigration officials successfully tracked him down in a high-end residential area in Samut Prakan. The arrest highlights ongoing global efforts to combat crypto-related financial crimes.