Thai Authorities Arrest 5 Foreign Nationals for $27M Crypto Scam

Crypto Daily
Crypto Daily

18 Sep 2023 8:00 PM

Authorities in Thailand arrested five foreign nationals involved in a fraudulent crypto platform that saw investors lose $27 million....

  • Five foreign nationals have been arrested in Thailand for operating a fraudulent cryptocurrency investment platform.
  • The platform scammed over 3,200 residents, resulting in a loss of $27 million.
  • The investigation was conducted by Thailand's Cyber Crime Investigation Bureau (CCIB) in collaboration with international law enforcement agencies.
  • The accused individuals, four from China and one from Laos, have been charged with public fraud, money laundering, and conspiring to commit transnational crime.
  • The Office of the Attorney General in Thailand is prosecuting the suspects, and property worth 585 million Thai baht has been confiscated by the Anti-Money Laundering office.
  • Victims were approached by strangers or foreigners who invited them to invest in the platform, promising high and guaranteed returns over a short time.
  • Online investment scams involving cryptocurrencies are on the rise in Thailand, with over 200,000 people falling victim to scams promoted through Facebook advertisements.
  • The Ministry of Digital Economy and Society of Thailand has requested Facebook to block fake pages and fraudulent advertisements.


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