Chinese and Laotian Nationals Arrested for $76 Million Crypto Scam in Thailand
Thailand’s Cyber Crime Investigation Bureau (CCIB) has arrested four Chinese nationals and one individual from Laos in connection with a fraudulent crypto investment platform. The scheme, posing as BCH Global Ltd., scammed over 2.7 billion Baht (approximately $76 million) from local investors.
Fraudulent Scheme Disguised as Bitcoin Investment Platform
The scammers targeted 3,280 residents by operating a fake Bitcoin investment platform. They now face charges of conspiracy to commit transnational crimes, engaging in public fraud, and participating in money laundering activities.
International Investigation Led by CCIB
The investigation into the scam was initiated by Thailand’s Cyber Crime Investigation Bureau (CCIB), Homeland Security Investigations, and several international law enforcement agencies. It was launched following reports from affected investors who suffered losses through bchgloballtd.com in late 2022.
Victims Tricked into Investing in Gold and USDT Stablecoin
According to reports, the victims were tricked into investing in gold and the USDT stablecoin. The Attorney General’s Office has begun prosecuting the case, and the Anti-Money Laundering Office has already confiscated assets worth 585 million Baht.
CCIB Commits to Assisting Victims
Kissana Phathanacharoen, spokesperson for CCIB, stated that the organization is dedicated to maintaining communication with the victims to ensure their legal rights are protected. Impacted individuals have the option to register their complaints through CCIB’s hotline or official website.
Thailand Cracks Down on Financial Crimes Involving Crypto-assets
Last month, Thailand’s Minister of Digital Economy and Society (MDES) proposed shutting down Meta (formerly known as Facebook) to combat financial crimes, including those related to crypto-assets. MDES revealed that over 200,000 people had fallen victim to ads on the social media platform, with crypto investment and trading scams being popular tactics used to deceive unsuspecting users.
Hot Take: Thailand Takes Action Against Crypto Scams
The recent arrest of individuals involved in a $76 million crypto scam highlights Thailand’s commitment to combating fraudulent activities in the cryptocurrency space. By collaborating with international law enforcement agencies, the Cyber Crime Investigation Bureau has successfully apprehended those responsible for duping thousands of local investors. This case serves as a reminder for individuals to exercise caution when engaging in crypto investments and to report any suspicious platforms or activities to authorities. Thailand’s efforts to crack down on financial crimes involving crypto-assets demonstrate its determination to protect its citizens from falling victim to scams and fraudulent schemes.
By
By
By
By