Suspected of cryptocurrency fraud involving 900 million RMB, Chinese wanted criminal arrested in a luxury house in Thailand

The Third Branch of the Thai Immigration Bureau recently arrested a Chinese man (alias Mr. Duan) in a luxury residential area in Bang Phli District, Samut Prakan Province. He is suspected of leading the BHE Exchange cryptocurrency scam, which affected over 20,000 victims and caused an estimated loss of over $128 million (about 900 million RMB). The suspect fled China in 2024 and has been hiding in Thailand. Chinese authorities have issued an arrest warrant for fraud.

BHE Exchange Scam: How the DDO Token’s High Returns Attracted 20,000 Victims

BHE Exchange claimed to be a cryptocurrency trading platform, issuing a token called “DDO” that promised investors a fixed annual return of 6%, with claims that the token would appreciate 20 times in value over ten years. This combination of fixed income and high growth expectations quickly attracted a large number of investors.

However, after collecting funds, the platform suddenly shut down, and all user investments became unrecoverable. The responsible persons disappeared simultaneously. Chinese police immediately launched an investigation, confirming over 20,000 victims and losses exceeding $128 million, and issued an arrest warrant for Mr. Duan on fraud charges.

Fleeing and Apprehension: Cross-Border Efforts by the Thai Immigration Bureau

After leaving China in 2024, Mr. Duan chose to hide in Thailand, frequently changing residences to evade detection, moving every few months. Thai immigration investigators spent over a month tracking his whereabouts and contacts, ultimately locating him at a luxury home in Bang Phli District, Samut Prakan Province. On the day of the operation, police raided the scene and arrested him on the spot.

Thailand subsequently revoked Mr. Duan’s residence permit and transferred him to immigration authorities for detention, awaiting deportation to China for judicial proceedings. The Thai Immigration Bureau also stated that, under higher-level instructions, they will continue to strengthen efforts against transnational criminals hiding within the country, focusing on financial scams, telecom fraud, and cryptocurrency schemes.

Key Data at a Glance

Victims: Over 20,000

Losses: Estimated over $128 million (about 900 million RMB)

Scam Method: Issuance of DDO tokens, promising 6% annual returns and 20-fold appreciation over ten years

Fleeing Since: 2024, hiding in Thailand for over a year, changing residences multiple times

Arrest Location: Luxury residence in Bang Phli District, Samut Prakan Province, executed by the Third Branch of the Thai Immigration Bureau

Frequently Asked Questions

What scam tactics did BHE Exchange use to attract investors?

BHE Exchange issued DDO tokens, promising fixed high returns of 6% annually and a 20-fold increase over ten years. This type of structure is a typical crypto scam pattern. After accumulating enough funds, the platform suddenly shut down, making withdrawals impossible, and the responsible persons disappeared.

Why has Thailand become a hiding place for many crypto scam suspects?

Thailand is a transportation hub in Southeast Asia, with a relatively open environment for foreigners to reside. It has historically been a hiding spot for various transnational scam suspects. However, in recent years, Thai immigration authorities have strengthened efforts against transnational criminals within the country, especially in cases involving financial scams and cryptocurrency fraud, enhancing law enforcement cooperation.

How can investors identify similar crypto scams like BHE Exchange?

Common warning signs include: promises of fixed high annual returns, guarantees of short-term large token appreciation, lack of verifiable regulatory credentials, and opaque identities of founders or responsible persons. Investors should prioritize verifying platform compliance, on-chain data, and third-party audit reports before participating in any crypto project.