A 32-year-old Singaporean man has been apprehended in Thailand over his involvement in a cryptocurrency scam that deceived investors out of over 22.4 million baht (approximately US$649,600).
The man is believed to be part of a criminal network that orchestrated the creation of a fraudulent digital trading platform designed to mimic the legitimate Tidex exchange.
Official website of the legitimate Tidex exchange
According to reports from Thai media, the scam targeted unsuspecting individuals by offering them the promise of high investment returns.
Victims were tricked into transferring large sums of money, totalling about 22.4 million baht, to fraudulent accounts controlled by the syndicate.
The fake app, which appeared legitimate at first glance, was designed to lure investors into a false sense of security.
The group behind the operation also used digital wallets to funnel the stolen funds.
Police sources revealed that the Singaporean man was responsible for opening these accounts to store the illicit proceeds.
The scam continued to operate until authorities took action after it was discovered that victims had made at least 17 separate transfers without any actual investments being made.
This arrest is part of a broader crackdown by Thai authorities on a transnational crime syndicate involved in cryptocurrency fraud.
The Technology Crime Suppression Division (TCSD), working alongside the Central Investigation Bureau (CIB), conducted a series of operations that led to the arrests of 13 individuals in four Thai provinces, including Bangkok, Phuket, Chiang Rai, and Rayong.
The syndicate’s ringleaders include a 29-year-old Chinese national woman and a 38-year-old Thai man.
Other members of the group, including the Singaporean suspect and a Vietnamese man, were allegedly involved in converting cryptocurrency assets into Thai baht or facilitating the laundering of the illicit funds through bank accounts.
Thai authorities noted that this operation is connected to earlier arrests in July 2024, when six individuals, including two Chinese nationals and four Thais, were apprehended in relation to a scam known as “Lock Star.”
Members of Lock Star scam gang arrested by Thai police
This gang was involved in a series of call centre scams, which shared similarities with the fraudulent activities uncovered in the cryptocurrency scheme.
Following the arrests, Thai police have initiated legal proceedings against the suspects, charging them with illegal assembly, participation in a transnational criminal organisation, and money laundering.
The authorities have also seized assets worth more than 14 million baht, including luxury houses, cars, and land titles, believed to have been purchased with the proceeds from the fraudulent activities.
The crackdown on this syndicate marks a significant step in Thailand’s ongoing efforts to combat online scams and cryptocurrency fraud.
As the investigation continues, further arrests and asset seizures are expected.
China's Supreme People’s Procuratorate (SPP) is increasing efforts to combat cybercrimes, especially those exploiting blockchain and metaverse projects. The rise in online fraud and financial crimes necessitates stricter regulations and heightened vigilance among citizens and investors.
JoyThe legal dispute over the "Meng Chong Paradise NFT project" highlights the complexities of NFT management, emphasizing the importance of clear contracts, detailed record-keeping, and professional legal advice.
AlexExploring BitForex's operational challenges and credibility crisis following a $57 million withdrawal and allegations of wash trading amid leadership changes.
MiyukiBitcoin surpassed $56,000 for the first time since November 2021, influencing the broader crypto market and stock market, with optimism for its future trajectory and notable shifts in political perspectives.
WeiliangGOP Senators, led by Ted Cruz, oppose Biden's CBDC plan to protect Americans' financial privacy, unveiling the CBDC Anti-Surveillance State Act amid bipartisan concerns over government intrusion. The bill aims to restrict the Federal Reserve's authority in issuing CBDCs without congressional approval, reflecting a bipartisan effort to safeguard individual freedoms in the digital age.
AnaisThailand's SEC proposes revoking Zipmex's license due to compliance concerns, leading to operational suspension. Zipmex faces liquidation following the dismissal of debt moratorium extensions, underlining the need for regulatory adherence and financial stability.
JoyEthereum outperforms Bitcoin with a 98% annual gain, driven by its proof-of-stake shift, scarcity, expanding ecosystem, and growing institutional adoption, positioning it as the future of cryptocurrency.
AlexIn Seoul, South Korea, police arrested a gang for confining a woman and stealing $127,630 in a fraudulent OTC crypto transaction, highlighting a rise in crypto-related crimes.
MiyukiThe Uniswap Foundation's proposal aims to transform the UNI token into a utility token, enhancing governance, incentivizing participation, and potentially increasing UNI holders' dividends amidst uncertain approval.
AnaisFormer President Donald Trump's opposition to CBDCs sparks debate in the US election campaign, as Republican senators propose bills to ban their introduction. The global discussion on CBDCs highlights concerns over privacy and government control, urging informed dialogue and collaboration for a balanced approach to digital finance.
Weatherly