Thai Authorities Crack Down on $27M Crypto Scam, Arrest 5

In a separate incident, scammers have recently targeted MetaMask users using government-owned website URLs to deceive victims and gain access to their crypto wallet holdings.

Thai Authorities Crack Down on $27M Crypto Scam, Arrest 5

Thai authorities have arrested five individuals linked to a Thai Crypto scam that defrauded local investors of over $27 million worth of Thai baht. The Cyber Crime Investigation Bureau (CCIB) in Thailand apprehended four individuals from China and one from Laos who orchestrated a fraudulent investment scheme that targeted more than 3,200 Thai citizens.

The investigation into the Thai Crypto scam began after affected investors came forward in late 2022, reporting losses they incurred through an investment platform called bchgloballtd.com. The CCIB collaborated with international law enforcement agencies, including the United States Homeland Security Investigations, to probe the operation.

Following the arrests, the suspects were charged with conspiring to commit transnational crimes, public fraud, and money laundering. The Office of the Attorney General in Thailand took action to prosecute the accused in August 2022. Additionally, the Anti-Money Laundering office seized 585 million Thai baht worth of personal property belonging to the perpetrators.

Investment schemes have been responsible for significant financial losses in Thailand, as victims often invest their life savings or even take out mortgages on their properties to participate. Thailand’s Securities and Exchange Commission introduced new requirements for virtual asset service providers in January 2023 to enhance investor protection and safeguard user funds held by custody providers.

In a separate incident, scammers have recently targeted MetaMask users using government-owned website URLs to deceive victims and gain access to their crypto wallet holdings. This highlights the increasing sophistication and audacity of cyber criminals in cryptocurrency.

The recent arrests in Thailand serve as a reminder of the ongoing need for vigilance and caution when engaging in cryptocurrency investments. As the popularity of cryptocurrencies continues to grow, individuals need to conduct thorough research, verify the legitimacy of investment platforms, and exercise prudence to avoid falling victim to scams and fraudulent schemes.

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