- 5 persons, made up of 4 Chinese citizens and one Lao citizen, are suspects of a crypto scam. So, this scam made their victims lose $76 million.
- They are now facing several charges in court.
A Crypto scam is when someone or a group of persons are made to lose their money by cybercriminals. So, many of these scams involve cryptocurrencies from victims.
5 People Arrested for Crypto Scam
- Thai authorities were behind the arrest of 5 people involved in a crypto scam. So, this was a cross-border investigation, leading to the arrest of four Chinese nationals and one Lao citizen suspected of orchestrating a massive 2.7 billion baht ($76 million) crypto scam. The Cyber Crime Investigation Bureau (CCIB) led the investigations surrounding this scam. So, this investigation authority made a discovery of a crypto scam that left 3,280 individuals in financial distress.
- This particular scam was around a false crypto investment entity. This deceptive cryptocurrency investment platform known as BCH Global Ltd. made many people lose huge amounts of money. Furthermore, those behind this scam used a scandalous method in perpetrating this scam. Last November, the victims of this type of scam started making reports about it to the authorities. Hence, there was massive action to catch those behind it.
How Did the Crypto Scam Happen?
- According to information from the official sources, those behind this particular scam made solicitations for investment under the guise of gold and the cryptocurrency USDT. Nevertheless, collaborative efforts from international crime agencies like Homeland Security Investigation led to the detection of this crime.
- After the arrest, there are already charges against those behind this crypto scam. So, some of the charges against them are public fraud, conspiracy to commit transnational crime, money laundering, and inputting false information into computer systems. According to sources, the Office of the Attorney General was the one that made the charges against the arrested criminals. Furthermore, there was also a seizure of some of their properties. The Anti-Money Laundering Office seized properties valued at 585 million baht ($16 million) belonging to the suspects on the 4th of September, 2023.
The Public Should be Wary of Scams
- The international bodies, in this case, have a new warning for those interested in the crypto industry. In fact, even those attracted to making investments are within the radar of recent warnings.
- CCIB spokesperson Kissana Phathanacharoen said they will assist victims of the crypto scam to recover their assets. Nevertheless, people need to be wary of the type of investments they make to avoid falling victim to such scams. They should also report to authorities immediately upon detecting fraud.
Conclusion
Many international agencies, such as Homeland Security Investigation and Cyber Crime Investigation Bureau (CCIB), arrested 5 persons. So, those arrested are suspects of a crypto scam that made their victims lose as much as $76 million. Court documents show the Office of the Attorney General is behind the charges against the suspects.
