Just In: Thai Authorities Crack Down on $27M Crypto Scam, Arrest 5

Kelvin Munene Murithi
September 11, 2023
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Crypto Scam New York Attorney General

Thai authorities have dealt a blow, to cryptocurrency schemes by taking decisive action. Working closely with the United States Homeland Security Investigations and other international law enforcement agencies Thailand’s Cyber Crime Investigation Bureau (CCIB) has successfully apprehended five individuals from countries. These arrests are part of a crackdown, on a scam that targeted local investors resulting in losses exceeding $27 million.

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Orchestrated Deception with Global Accomplices

Four arrested individuals hail from China, and one is from Laos. They were seized for conducting an elaborate investment fraud through the website bchgloballtd.com. More than 3,200 local investors were duped, significantly damaging the financial stability of numerous Thai families. 

Besides losing their investments, many victims had also wagered their life savings or mortgaged properties to partake in the scheme. Consequently, the accused have been charged with conspiring to commit transnational crime, public fraud, and money laundering.

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Legal Consequences and Asset Seizure

The Office of the Attorney General in Thailand initiated prosecution proceedings against the suspects in August 2022. Furthermore, the authorities responsible for combating money laundering have seized assets of 585 million baht from the accused individual. According to Kissana Phathanacharoen, the spokesperson for the CCIB (Central Criminal Court for Corruption and Misconduct Cases), investment scams like these are causing harm in Thailand.

This crackdown is happening as Thai authorities intensify their efforts to regulate cryptocurrencies. In January 2023, Thailand’s Securities and Exchange Commission introduced requirements for virtual asset service providers. These regulations aim to enhance investor protection by ensuring secure user funds held by custody providers.

Despite these measures, scams continue to evolve, with a recent report uncovering instances where fraudsters have exploited government-owned website URLs to target MetaMask users. The objective of tactics is to deceive victims into granting access to their cryptocurrency wallet holdings.

The arrest serves as a warning for investors in Thailand and globally. As cryptocurrency gains acceptance, its risks also increase significantly. Therefore, the introduction of regulations by law enforcement agencies and their continued vigilance represent steps toward establishing a safer investment environment.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.