Reports of Bitcoin Scam in Thailand, Almost 140 People Duped

Bitcoin Scam

Bitcoin Mining scams are high, after last year reports of mining scams and electricity thefts by alleged Bitcoin scammer another report has submerged in Thailand, reported Bangkok Post on Feb 18. Many victims of the crypto scam have filed complained against the bitcoin scam suspect with the Technology Crime Suppression Division.

Approximately 140 people were fooled by the scammer with a fake investment called “CryptoMining. Farm” which has led to approximately $1.34 million of loses. As per the reports, 30 people have already filed a complaint with the police.

The fake investment scam CryptoMining. Farm had promised an annual return of 70 per cent to its investors, with the additional option of withdrawing their funds anytime they want. The scam had registered offices in Bangkok and Chiang Mai and had contracts for mining cryptocurrency Bitcoin (BTC) from three months to a lifetime range.

One of the victims of the Bitcoin scam stated to the Bangkok post that the owner of the company imposed many conditions for withdrawing money and recently had also announced to do a payback of 84 instalments which would take almost 7 years to complete, as well as the company,  was willing to pay its investors with foreign currency which is absolutely illegal in Thailand.

Many crypto assets are difficult to access with their added security features, but the rise in crypto theft has led many people in doubt for using crypto assets at the mainstream level without being harmed by the online threats related to it.

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