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<p class="is-style-lead">Four Chinese nationals and a Lao citizen were arrested over their role in a cryptocurrency fraud that caused victims 2.7 billion Baht (approximately 76 million) worth of losses.</p> 
<p>The Cyber Crime Investigation Bureau (CCIB) of Thailand shared that at least 3,280 people have fallen victim to this cryptocurrency scam, with reports occurring since November 2022, The Bangkok Post reported.</p> 
<h2 class="wp-block-heading" id="not-just-one-case-of-fraud">Not just one case of fraud</h2> 
<p>Victims were said to being approached by strangers or foreigners who invited them to invest using foreign mobile apps and other online platforms, promising a high return on investment. Pol Col Kissana, the spokesperson for the CCIB, shared that many victims invested their life savings into this scam, even taking out a second mortgage on their land or home.</p> 
<p>The investigation <a href="https://www.bangkokpost.com/thailand/general/2644790/cops-arrest-5-foreigners-over-links-to-b2-7bn-scam" target="_blank" rel="noopener noreferrer nofollow">found</a> that several of the people running the fraudulent website (bchgloballtd.com) were also linked to other fake platforms. With support from Homeland Security Investigation and other law enforcement agencies, the court was able to approve arrest warrants for the five suspects, four Chinese nationals and Lao citizen.</p> 
<p> You might also like: <a href="https://crypto.news/thailand-embraces-crypto-wallets-for-nationwide-airdrop/" rel="noopener noreferrer nofollow"> Thailand embraces crypto wallets for nationwide airdrop </a> </p> 
<p>The arrested are accused in colluding to commit transnational crime, public fraud, putting false information into computer systems and money laundering.</p> 
<h2 class="wp-block-heading" id="a-crackdown-on-fraud">A crackdown on fraud</h2> 
<p>Thailand continues to crack down on bad actors in the cryptocurrency space. In an Aug. 22 <a href="https://www.mdes.go.th/news/detail/7229-%E0%B8%94%E0%B8%B5%E0%B8%AD%E0%B8%B5%E0%B9%80%E0%B8%AD%E0%B8%AA-%E0%B9%80%E0%B8%94%E0%B8%B7%E0%B8%AD%E0%B8%94--%E0%B9%80%E0%B8%95%E0%B8%A3%E0%B8%B5%E0%B8%A2%E0%B8%A1%E0%B8%A3%E0%B9%89%E0%B8%AD%E0%B8%87%E0%B8%A8%E0%B8%B2%E0%B8%A5%E0%B8%9B%E0%B8%B4%E0%B8%94-Facebook-%E0%B9%83%E0%B8%99%E0%B9%84%E0%B8%97%E0%B8%A2-%E0%B8%AB%E0%B8%A5%E0%B8%B1%E0%B8%87%E0%B9%80%E0%B8%A1%E0%B8%B4%E0%B8%99-%E0%B8%9B%E0%B8%A5%E0%B9%88%E0%B8%AD%E0%B8%A2%E0%B8%A1%E0%B8%B4%E0%B8%88%E0%B8%89%E0%B8%B2%E0%B8%8A%E0%B8%B5%E0%B8%9E%E0%B8%A2%E0%B8%B4%E0%B8%87-Ad--%E0%B8%AB%E0%B8%A5%E0%B8%AD%E0%B8%81%E0%B8%9B%E0%B8%A3%E0%B8%B0%E0%B8%8A%E0%B8%B2%E0%B8%8A%E0%B8%99" target="_blank" rel="noopener noreferrer nofollow">report</a>, the country also warned Facebook and its users of a shutdown due to the increase in cryptocurrency-related scams and other misleading ads that were being found on the platform.</p> 
<p>In the&nbsp;latest update, the Minister of Digital Economy and Society was taking action against these activities, sharing plans to present their findings in Thai court.&nbsp;</p> 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
 <div class="wp-block-embed__wrapper"> <iframe title="SEC Chair Says Crypto Rife With Fraud, Hucksters" width="1020" height="574" src="https://www.youtube.com/embed/wsA3W_wHn5U?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </div> 
</figure> 
<p>A&nbsp;<a href="https://www.chainalysis.com/blog/2022-crypto-scam-revenue/" target="_blank" rel="noopener noreferrer nofollow">February report from Chainanalysis&nbsp;</a>continues to caution users on the prevalence of crypto scams, highlighting while scam revenue has technically dropped, successful scams (like Hyperverse) are still costing users billions.</p> 
<p> Read more: <a href="https://crypto.news/thailand-threatens-facebook-shutdown-over-crypto-scams/" rel="noopener noreferrer nofollow"> Thailand threatens Facebook shutdown over crypto scams </a> </p>

Thai officials arrest five in connection with $76m crypto scam

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