Thai Authorities Crack Down on $27M Crypto Investment Scam


September 11, 2023


Gabriel Negrín

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Thailand's Cyber Crime Investigation Bureau (CCIB) has caught five people running a fake cryptocurrency website. The group is accused of stealing more than $27M from people living in Thailand. The group made up of four individuals from China and one from Laos tricked over 3,200 Thai investors through a website named

After victims' complaints, various law enforcement agencies, including US Homeland Security Investigations, started looking into the situation. This led to the arrest of the scamming group. Thai law enforcement also took back items worth about 585M baht from the group.

According to Kissana Phathanacharoen, a spokesperson for the CCIB, scams like this are causing financial problems for people in Thailand. Some victims lose all their savings or even risk losing their homes. In response, Thailand's Securities and Exchange Commission started new rules in January 2023 to protect investors and their money.

Unfortunately, scammers are still finding ways to trick people. Recent reports have revealed that scammers are pretending to be government-owned websites to trick and steal from people who use MetaMask for their cryptocurrency wallets.