Thailand Authorities to Take Five Scammers into Custody
Thailand officials have taken 5 scammers into custody that have been duping cryptocurrency investors in the region. The local media reports indicate that Thai authorities have caught 4 Chinese locals and one person from Laos. The criminals in question are currently under custody at the Cyber Crime Investigation Bureau or CCIB for running a multi-million-dollar scam.
The investigators have revealed that the scammers in question duped the investors out of $76 million or 2.7 billion Baht. The scammers trapped 3000 investors for losing their savings into USDT and gold.
Scammers Dupe 3280 Thai Investors
Bangkok Post covered the news with testimonies from some of the 3280 residents that were affected by the fraudulent scheme. The threat actors have been running a false company under the name of BCH Global Limited. This project was a fake Bitcoin investment project that is now charged with conspiring to commit multi-national crimes.
At the same time, the firm engaged in conducting fraud with members of the public and partaking in money-laundering activities. This investigation was started by the Cyber Crime Investigation Bureau and joined by the Homeland Security Investigations.
Scammers hailing from Thailand have affected thousands of investors hailing from Thailand. The scammers invited people to invest their savings into gold and purchasing USDT stablecoin. The regulators have undertaken preventive measures against this scam by confiscating around 585 million Baht at the Attorney General Office.
The Anti-money laundering unit of the country has also joined the AG in cracking down against the virtual currency scammers. A spokesperson of CCIB has told media that the investigation agency is committed to restore peace to the affected victims and protect their legal rights.
Furthermore, the regulators have also opened a helpline number for the public to allow them to register their complaint, share new information, or collect guidelines about fraudulent activities.
At the same time, the Minister of Digital Economy and Society also hinted at shutting down Meta as a way to curb financial crimes in the country alleging listing of various cryptocurrency scams listed on the social media forum.
The Ministry has claimed that more than 200K people have been affected by various scams that are propagated by scammers using social media platforms. The officials maintained that scammers tend to use tactics and tricks to lure unsuspecting scammers.
Authorities in South Korea Arrest Crypto Exchange Executive Over Fraud Allegations
The law enforcement agencies in South Korea have recently arrested the head of a crypto trading named Bitsonic. The executive named Jinwook Shin was serving as CEO of the exchange platform that South Korean regulators have claimed in participating in market manipulation.
Media reports claim that Shin falsified crypto prices and trading volume at the cryptocurrency exchange that has led to the losses of $7.5 million or 10 billion won for the account holders. Prosecutors have revealed during the trial that he did not purchase any cryptocurrencies during the trial process.
However, the regulators have charged him with continuing to offer new cryptocurrencies to clients while ignoring the liquidity issues. The Bitsonic shut down the exchange in August 2021 last year citing internal and external issues.
Following the incident authorities in the country closed down 11 local trading platforms with allegations of fraudulent conduct. Authorities have also unveiled a shell company that Shin is purported to have establish in Singapore.