Thai Authorities Arrest Five Suspects Involved In $27 Million Crypto Scam

If scammers think of facing the consequences of scamming other people, they will think twice before doing anything. Criminal actors see how easy and fast it is to make a lot of money from crypto scams. And they think they will get away with it after committing crimes.

The concerned authorities in Thailand have arrested five individuals who are involved in a fraudulent crypto investment platform. It affects more than 3,200 people and they lost over $27 million investing in the fraudulent investment scheme.

Suspects who have been arrested are from foreign countries. Four persons are from China and one is from Laos. Local investors became their target in this crypto scam. Some victims invested their life savings in the investment scheme and thought that would change their future. And some took loans to invest in the crypto scam.

The good news is that bad actors got arrested. The anti-money laundering office made its move and confiscated 585 million baht worth of personal property of the criminal actors. The authority pressed charges against them for committing money laundering, public fraud, and transnational crime.

Financial literacy is very important in order to manage finances and stay away from crypto scams. For the time being, accept that that's the best investment opportunity. Will you invest your life savings in that investment scheme? That's too risky to put everything in a single asset.

You will lose everything if that goes in the wrong direction. You will not invest your life savings in a single investment scheme. You can consider investing a portion of your investment capital if that's really a good investment opportunity.

You may not take loans from financial institutions risking your property. You have to repay the loans with interest. So your return from investments must be higher than that you pay to the lender. There is no way you can ignore the research and analysis part of investments.

Investors are supposed to spend time figuring out the risks especially that is associated with cryptocurrency and its ecosystem. When investors move forward with taking calculated risks, they may not end up losing everything. Criminal actors use advanced tactics to make people fall into crypto scams.

Recently scammers used official government websites to redirect users to phishing MetaMask sites. MetaMask crypto wallet users were their target in the attack. Victims get a request to connect their wallet on the fake MetaMask site and once they connect their wallet, scammers steal their crypto assets.

The concerned authorities in Thailand take action against crypto scams in order to protect investors and that's great. Hope victims will get their funds returned and not fall for scams again.

Image Sources: 1, and 2.
Reference: 1.

About Me