Thai Authorities Bust Cross-Border Crypto Scam Involving Over $620,000

Authorities in Thailand have uncovered a cross-border cryptocurrency scam that allegedly defrauded a local woman of more than $620,000, Cryptonews reports.

According to local sources, the network, which spanned Thailand, Cambodia, and Myanmar, operated a highly organized scam involving fake online investment opportunities, identity theft, and cross-border money laundering. The investigation revealed that the suspects used a fake investment chat group to attract victims and then moved to a private messaging application to exert more control. In this case, the victim, Mallika, engaged with the scammers through a public Facebook group and was ultimately persuaded to invest in a fake portfolio of high-return cryptocurrencies and stocks, transferring a cumulative total of 21 million baht (approximately $621,000).

The Thai Immigration Department has obtained warrants and arrested a number of suspects, and the case is still under further investigation.