Thailand has recently uncovered a massive cryptocurrency scam that targeted local investors, resulting in damages of over $27 million. The authorities, in collaboration with international bodies, took action against a fraudulent investment platform, leading to multiple arrests and property seizures.
The scheme, which successfully duped more than 3,200 Thai locals, was orchestrated by five foreign nationals, including four from China and one from Laos. The platform bchgloballtd.com acted as a front, luring unsuspecting investors into its trap.
Efforts to investigate and prosecute the scam began when aggrieved investors approached Thailand’s Cyber Crime Investigation Bureau (CCIB) towards the end of 2022. The CCIB, with support from the United States Homeland Security Investigations and several other international law enforcement agencies, gathered evidence and pursued prosecution in August 2022. The five suspects now face severe charges, including conspiracy to commit transnational crimes, public fraud, and money laundering.
As a testament to the seriousness of the crime, the Anti-Money Laundering office seized personal properties from the suspects, amounting to approximately 585 million Thai baht. CCIB spokesperson Kissana Phathanacharoen condemned fraudulent investment schemes in the country, highlighting their significant financial impact.
The surge in crypto scams has prompted numerous warnings and preventative measures. In the UK, two individuals were convicted of enticing potential investors with promises of high returns and scamming them out of their money. The Ministry of Digital Economy and Society (MDES) of Thailand recently announced a plan to seek a court-issued order to shut down Facebook unless the platform addresses the alleged proliferation of fraudulent advertisements.
Binance CEO Changpeng “CZ” Zhao also took to social media to educate and warn the public about a scam targeting the crypto community. This scheme involves creating fake wallet addresses that resemble the victim’s genuine address, resulting in a loss of $20 million for a seasoned crypto trader.
It is crucial for investors to remain vigilant and exercise caution in the face of these deceptive schemes. The global crypto market continues to evolve, and it is essential to stay informed and take necessary precautions to protect one’s investments.
Source: [Bangkok Post](https://www.bangkokpost.com/thailand/general/2644790/cops-arrest-5-foreigners-over-links-to-b2-7bn-scam), [Bitcoinist](https://bitcoinist.com/crypto-scammers-outwit-dea/), [Bitcoinist](https://bitcoinist.com/us-state-agency-warns-of-rising-crypto-scams/), [Bitcoinist](https://bitcoinist.com/uk-court-slaps-crypto-scammers-6-year-prison/), [Bitcoinist](https://bitcoinist.com/facebook-thailand-operations-in-jeopardy/), [Bitcoinist](https://bitcoinist.com/binance-ceo-raises-alarm-on-crypto-scam/), [TradingView](https://www.tradingview.com/chart/HSuSIPeM/?symbol=CRYPTOCAP%3ATOTAL)
Featured image from Unsplash, Chart from TradingView.
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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