ChainCatcher report, citing Thai media via the WeChat public account "Singapore Know-It-All," a Chinese national suspected of fraud through a cryptocurrency platform was recently arrested in Samut Prakan Province, Thailand. The suspect, known as "Director Duan," is linked to the BHE Exchange cryptocurrency platform fraud case. BHE Exchange previously issued a token called DDO, promising investors an annual yield of 6% and a 20-fold increase in value within ten years, attracting approximately 20,000 investors. The platform subsequently shut down abruptly, leaving investors unable to withdraw their funds and resulting in losses of about $128 million (approximately RMB 900 million). The suspect fled China in 2024 and settled in Thailand, frequently changing residences to evade detection. Thai authorities have since revoked his residence permit and are deporting him back to China for further investigation and prosecution.
BHE Exchange fraud suspect arrested in Thailand after two years on the run
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Summary
A Chinese national linked to the BHE Exchange hack has been arrested in Thailand’s Samut Prakan province. The suspect, Duan Zong, is connected to the now-defunct platform that issued DDO tokens and promised investors a 6% annual return and a 20x value increase over 10 years. The platform collapsed, leaving 20,000 investors unable to withdraw funds and resulting in losses of approximately $128 million (900 million RMB). The suspect fled to Thailand in 2024, frequently changing residences to evade capture. Thai authorities have revoked his residency permit and will repatriate him to China for trial. The case is being closely monitored as a major on-chain event.
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