Crypto Mining Scam Uncovered in Thailand

Over 30 people have come forward to the police after being scammed by a supposed crypto mining scheme that promised a 70 percent return on investment, the Bangkok Post reports on February 18, 2019.

Mining for Money

In the world of blockchain, it seems like it is another day, another scam. Just a few days ago on February 17, 2019, a gang of crypto scanners were arrested in Mumbai for defrauding people of over $17 million. Now, another scam has been uncovered in Thailand.

The Bangkok Post reported that the Technology Crime Suppression Division in Thailand received reports from victims of the scam. The number of victims who have come forward so far is about 30, and the scam was related to a supposed mining venture. However, it is believed that up to 170 people were affected.

Tall Tales

The victims were told to invest money in CryptoMining.Farm and that they would see great profits with a 70 percent return.

The business owners also promised that they could withdraw funds anytime they like and the ‘contracts’ ranged from three months to a lifetime contract. However, instead of the huge profits promised to investors, a loss of over $1.34 million was reported, which led investors to report to the authorities.

Unlike a number of scams, this business actually has registered offices in Bangkok and Chiang Mai; the website in question is operates by Lifetime Technology Co Ltd, which, in turn, is owned by Pimongkol Tawpibarn.

One of the victims quoted in the story discussed how he came about the mining scheme. He had been introduced by a friend but after he signed up and invested his money, things got shady.

The victim explained:

“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 installments — which would take over seven years to complete,”

The currency that was to be used for repayment was also one that is not allowed by Thai authorities in the country.

It is rather odd that the scam came in form of a crypto mining scheme. Since the late-2018 market crash, crypto mining has become largely unprofitable. So much so that large firms such as Gigawatt have been forced to file for bankruptcy.