Bitcoin Mining Alleged Scam Reported in Thailand

Victims of alleged fraud in the cryptocurrency have filed complaints against the alleged perpetrator in the Thai Crime Threat Facility, Bangkok Post reported on February 18.

According to the report, 30 people filed a complaint with the police, arguing that they had deceived them with alleged fraud, called "CryptoMining.Farm". This would result in a loss of 42 million dollars ($ 1.34 million). Local authorities suspect that 140 people are affected by fraud.


CryptoMining.Farm, which has offices in Bangkok and Chiang Mai, promised investors an annual return of 70%, with the possibility of withdrawing funds at any time without any conditions. Bitcoin's exploitation deals (BTCs) suggested by the company ranged from three months to a lifetime.

The defected person at Bangkok Post said: "But since August, the owner has begun to impose conditions for the withdrawal of money." Then, at the beginning of this month, it was announced that it would start returning investors to 84 rates - which would last for more than seven years. "The source, who would rather remain anonymous, said payments would be made in foreign currency, which is illegal under Thai law.

The latest charges follow a well-known case last year, in which former actor Jiratpisit "Boom" Jaravijit and other suspected drug scams worth 24 million dollars. Bitcoin to Finnish investor Azia, Otava Saarimai, aged 21.


The suspects, accused of planning fraud and money laundering, allegedly pleaded not guilty in a court in Bangkok in November 2018.

In May, the royal decree of 100 divisions published in the Royal Thai Gazette defined the cryptocurrency as "digital assets and digital tokens." In November, Deputy Prime Minister Wissan Krea-ngam called for more regulation on cryptocurrencies. Krea-ngam said that new guidelines for tracking tactics and threats to consumer safety should be introduced.


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