Thai Police Bring Down $27 Million Crypto Scam

By Mark Hunter

15 hours agoTue Sep 12 2023 11:17:26

Reading Time: 2 minutes

  • Thailand’s cyber crime police have arrested five individuals believed to be behind a crypto scam that has defrauded over 3,000 locals
  • The scam has already made more than $27 million from unsuspecting investors some of whom had invested their life savings
  • The arrested individuals have been charged with conducting crimes like money laundering

Law enforcement agencies continue making strides in crypto-based crimes with the Thailand cyber crime police Cyber Crime Investigation Bureau (CCIB) arresting and charging five individuals for operating a $27 million crypto scam. The scam had attracted over 3,000 unsuspecting investors, some of whom had pledged their life savings hoping for high returns, a common promise used to nab investors. The arrested entities are from China and Laos, a sign that these crimes aren’t always orchestrated by locals.

Investment Scams Fleecing Thais

According to CCIB, investigations and subsequent arrests were conducted with the help of the U.S. Homeland Security and other global security agencies. Thai authorities disclosed that affected investors started reporting the scam last year after failing to receive their profits as promised.

Kissana Phathanacharoen, the bureau’s spokesperson, said that Thais are increasingly falling victim to investment scamscausing the country’s securities watchdog to tighten rules governing the operation of crypto companies within its jurisdiction.

Crypto investment scams have grown in complexity with scammers sometimes preying on investors’ faith. A Tennessee couple, for example, operated a scam dubbed ‘Blessings of God Thru Crypto’ and promised investors high returns based on price predictions.

Crypto Romance Scams on the Rise

In the United States, a father and son ran a $10 million investment scheme offering the same promises but resulted in ponzi-like payments to investors to sustain the scheme for roughly three years. Apart from investment schemes, crypto romance scams like the Philippine pig butchering scam are also on the rise.

With the arrest of the five individuals, it’s evident that crypto scammers, whether local or international, have nowhere to hide.

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