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Thailand Launches Investigation into $2.46M Cryptocurrency Scam

The Cryptocurrency Scam grew quickly as it used recruiters to entice more investors. The scheme promised that for every 100,000 baht of investment, investors would receive 8,000 baht in interest every week.

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Cryptocurrency Scam

Cryptocurrency investors who fell for an alleged pyramid scheme that resulted in losses of more than $2.46 million (THB75 million) have asked Thailand‘s Department of Special Investigation (DSI) to investigate.

According to the Bangkok Post, the cryptocurrency project, known as “Khung Nong Cryptocurrency Trading,” became famous in parts of the country in 2018.

The cryptocurrency Scam allegedly promised maximum returns of 8 percent per week, attracting individuals from Krabi, Trang, Yala, Pattani, and Narathiwat who sold their assets — including cars, businesses, and land — in order to invest.

Human rights activist Phadungsak Tienpairoj, who has referred 20 victims to the DSI, has now reportedly taken up the case. Also prompting the department to investigate alongside law enforcement in the Krabi province.

Thailand made headlines in November 2018 as it prepared to launch its first regulated initial coin offering (ICO) portal in a bid to reinforce its tough stance on cryptocurrency and blockchain.

The cryptocurrency scam

The Cryptocurrency Scam grew quickly as it used recruiters to entice more investors. The scheme promised that for every 100,000 baht of investment, investors would receive 8,000 baht in interest every week.

The bogus investment scheme started in October 2018 and ended the following February. When the operator stopped paying dividends, citing the macroeconomic meltdown.

One victim, Noopad Wachedi, from Koh Lanta district of Krabi, said she pledged land to get more money to invest. Then one of the operators of the scheme gave her a cheque which bounced.

She added there are about six groups claimed the investment was overseen by state officers.

Ms Noopad’s relative, another victim, said the recruiters used several tricks to maintain the trust of investors.

Although today’s news won’t bring total solace to Cryptocurrency Scam victims, it’s certainly a step in the right direction. Even more if they’re ever to recover the lost funds.

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