Victims of an alleged crypto mining scam have filed claims against the suspected perpetrator with the Technology Crime Suppression Division in Thailand, according to the Bangkok Post
Thirty people have filed a complaint after they were cheated into investing in CryptoMining.Farm, a blockchain-mining website, which led to losses of 42 million baht ($1.34 million). Local authorities suspect that up to 140 people have been affected by the rip-off.
The website is believed to be operated by Lifetime Technology Co Ltd, which according to the complaint is owned by Pimongkol Tawpibarn. Investors would enter into contracts with the company, and were told that they could withdraw their money at any time with no conditions. The owner guaranteed a return of 70 percent per year.
We Thought It Was A Legitimate Business
One of the unnamed victims said he was introduced to the site by an acquaintance who urged him to sign up in 2017.
He told the Bangkok Post: “But from August the owner began imposing conditions for withdrawing the money. Then at the start of this month, the site announced it would start paying back investors in 84 instalments, which would take over seven years to complete.”
He added that the payments would be made in foreign currencies, something that is illegal in Thailand.
Another victim, Tewin Kunarattanawat, thought he’d performed due diligence and said he’d checked the website for assurance before investing.
“CryptoMining.Farm listed an office in Bangkok and another in Chiang Mai, which led many investors to think the company was a legitimate operation”, he said.
Last May, a 100-section royal decree printed in the Thai Royal Gazette (only available in Thai), outlined cryptocurrencies as digital assets and digital tokens. It tasked the Security Exchange Commission to control and regulate digital assets. All sellers are required to register with the SEC within 90 days of the law taking effect
Finance Minister Apisak Tantivorawong said that the law was necessary to “comprehensively regulate cryptocurrencies and digital tokens to prevent money laundering, tax avoidance and crime”.
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