PANews, February 24: According to Singapore Today, the cryptocurrency exchange BHE Exchange is suspected of orchestrating a fraud through the issuance of the token "DDO," promising an annual yield of 6% and a 20-fold increase in value over ten years. The platform later shut down, leaving investors unable to withdraw their funds, resulting in combined losses of approximately $128 million (around RMB 900 million) for about 20,000 investors. Chinese police subsequently issued a warrant for the main suspect, "Xiao Duan (Manager Duan)." Thai immigration authorities investigated and found that the individual had been hiding in various locations across Thailand since fleeing China in 2024. He was recently arrested at a luxury residence in Bang Phli Town, Samut Prakan Province. His residence permit has been revoked, and he will be deported to China for further investigation and prosecution.
Suspects in a 900 million RMB crypto fraud linked to BHE Exchange arrested in Thailand
PANewsShare
Summary
Crypto exchange news emerged as Thai authorities arrested suspects linked to BHE Exchange, accused of a 900 million RMB fraud. The platform issued the DDO token, promising 6% annual returns and a 20x gain over ten years, before suspending withdrawals. Approximately 20,000 investors lost $128 million. The main suspect, “Xiaoduan,” fled China in 2024 and was apprehended in Samut Prakan; he will be extradited to China for investigation. The case underscores risks in the crypto space, including potential exchange hacks.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.