Victims of an alleged cryptocurrency mining scam have filed claims against the suspected culprit with the Technology Crime Suppression Division in Thailand, the Bangkok Post reports on February. 18.
Per the report, thirty individuals have filed a complaint with police, stating that they were fooled into an alleged investment scam known as “CryptoMining.Farm.” This supposedly led the loss of 42 million tical ($1.34 million). local authorities reportedly suspect that a total of 140 people were affected by the scam.
CryptoMining.Farm, that has workplaces/offices registered in each Chiang Mai and Bangkok, purportedly promised investors an annual return of 70 % in addition to the option to withdraw their funds with no conditions at any time. The Bitcoin (BTC) mining contracts offered by the corporate reportedly ranged from 3 months to a lifetime.
One Victim told the Bangkok Post “But from August the owner began imposing conditions for withdrawing the cash. Then at the beginning of this month, the positioning announced it might start paying back investors in 84 instalments — which might take over seven years to complete.” The source, that reportedly preferred to stay anonymous, said that the payments would even be made in foreign currencies, that is against the Thai law.
The most recent allegations follow a well-publicized case from last year, within which a former soap opera actor Jiratpisit "Boom" Jaravijit and different suspects were suspect of swindling $24 million value of Bitcoin from 21-year-old Finnish investor Aamai Otava Saarimaa.
The suspects, who were charged with conspiracy to defraud and money laundering, reportedly pleaded “not guilty” at a court in Bangkok in Nov 2018.
2018 May, a 100-section royal decree disclosed within the Thai Royal Gazette, defining cryptocurrencies as “digital tokens and digital assets.” In Nov, Deputy Prime Minister Wissanu Krea-ngam immersed further regulations on cryptocurrencies. Krea-ngam said that new guidelines should be introduced so as to stay up with evolving tactics and threats to consumer security.
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