coinspress.com
Five individuals have recently been arrested in Thailand for their involvement in a fraudulent cryptocurrency and gold investment scheme that swindled victims of millions of dollars.
According to a recent Bangkok Post report, Thailand’s Cyber Crime Investigation Bureau (CCIB) apprehended four Chinese nationals and one Laotian citizen in connection with a $76 million scam.
CCBI spokesperson Kissana Phathanacharoen stated that 3,280 individuals fell victim to a fake website promoting cryptocurrency investments. Victims began coming forward in November 2022, claiming they had been deceived into investing in assets like the stablecoin Tether (USDT).
Though not identified, the suspects face charges of international collaboration in criminal activities, money laundering, public deception, and tampering with computer systems.
The report also mentions that authorities confiscated assets valued at over $16 million from the suspects on September 4th.
Many victims invested their life savings or even secured second mortgages on their properties to participate in the scheme.
The report highlights that strangers or foreigners invited victims to invest through online platforms or mobile apps from different countries, promising high returns in a short time.