DIS To Investigate Crypto Scam Charges against Crypto Firm in Thailand


The Department of Special Investigation (DSI) has started to look into a case brought forth by a human rights foundation leader together with twenty victims of a crypto scam. 

The victims who claim have collectively lost about 75 million, appeared together with the lawyer Phadungsak Tienpiroj, at the DSI offices to ask the DSI to investigate their claims against a crypto startup, Khung Nong Cryptocurrency Trading.

The Deputy Director of the Bureau of Illegal Financial Businesses Crime, Pol Capt That Laothawee received the complaints and stated that the DSI is investigating the claims. 

The famous crypto startup has enticed people into selling all their assets and invest in the scheme

The accused crypto company first appeared in October 2018 in the Southern Region and became famous for promising as much as 8% weekly returns from investments. 

Victims from Krabi, Yala Trang Narthiwat, and Pattani were enticed into pledging and selling assets like cars, motorcycles, and even land, to invest in the crypto scheme because the company was promising 8,000 weekly returns for investment worth 100,000 baht.

The company then closed shop in February last year, when it stopped paying dividends to its investors and blamed it on the macroeconomic meltdown. Noopad Wachedi, a victim from Krabi, said she had pledged her land to fund her investment, but even the last cheque she ever received from one of the company’s operators bounced. 

She also said that the company promised them, through their recruiting agents, that state officers would monitor their investments. Noopad’s relative, another victim, said that the recruiters used many similar tricks to lure in investors.

Cases of Crypto Scams Have Increasingly Become a Global Concern for Authorities

The Victims of Khung Yang Cryptocurrency Trading adds to the list of many investors all over the world defrauded by similar startups that are perpetrating pyramid schemes behind fake cryptocurrency firms.

In Uganda, the police recently logged 40000 legal complaints by investors against a single cryptocurrency firm, Dunamiscoins Resources Limited, that once operated bustling office premises in Kampala. 

Scammers are using the cryptocurrency technological zing to lure in investors

Many pyramid scammers are taking advantage of the heavily unregulated cryptocurrencies to run scams against investment. Places with no or little regulation from financial regulations for cryptocurrencies are becoming a hot spot for crypto scammers. 

To protect yourself as an investor, look out for cryptocurrency with outrageous deals and promises that would otherwise be not allowed or impossible with standard trading regulations.

Authorities and financial authorities warn investors about being vigilant not to fall into such well-disguised traps. Investors should consult with trusted financial advisers before pledging and stay away from deals that sound too good to be true, as most of them are usually scamming tricks.

Wayne Jones
Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, I cover trendy issues on digital currencies.

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