And it’s not over – crypto scams continued with fake promises. 30 people from Bangkok, Thailand, is the latest to file complaints against crypto mining platform ‘CryptoMining.Farm’. Although 30 members have reached Technology Crime Suppression Division on Monday (i.e on Feb 18, 2019) with the complaint, police believe there are around 140 people that have fallen victims to bitcoin scandal.
Thailand and Blockchain Mining Scam
Per the reports, the website ‘CryptoMining.Farm’ was launched by Pimongkol Tawpibarn, promising to provide 70% guaranteed returns every year. Also, it promised to enable withdrawals at any time without any condition. Such promises are visually phony and those who indulge in it will have to suffer the loss. In fact, the report reveals that this website has defrauded investors for $1.34 million, i.e almost 43 million Thai Baht, the official currency of Thailand.
When it comes to the crypto-friendly nation, Thailand also secures its place with quite favorable demand for cryptocurrencies. Consequently, an incredibly high return policy captured the eyes of many investors in Thailand. Nevertheless, a victim also states that on way to verify the legitimacy of the platform, the site appeared to have the offices in Bangkok as well as in Chiang Mai. These information led investors to think that the company has a legitimate operation.
However, an anonymous victim states that he was introduced to the site back in 2017 by one of his companions wherein the site offers an array of mining contracts. Quoting the statement of Victim reported to Bangkok post;
“But from August the owner began imposing conditions for withdrawing the money,” the victim claimed. “Then at the start of this month, the site announced it would start paying back investors in 84 installments.
It’s no false to state that market condition in 2017 evident an incredible rise in Bitcoin scam businesses – in contrast, the reality of these businesses disclosed with the declining market graph in 2018. Moreover, the payment from ‘CryptoMining.Farm’ was promised to be made in foreign currency which is not compliant with Thai law.
What do you think about the scam mining schemes? what could be the effective solution to identify such scandals at the initial point? share your opinion with us.
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com