Thailand Takes On Facebook’s Cryptocurrency Scam Epidemic

Key Points:

  • Thailand plans legal action against Facebook after over 200,000 people fell for cryptocurrency scams.
  • Scammers used celebrity endorsements and false promises of high returns.
  • Thailand seeks Facebook’s shutdown within a week, citing the platform’s responsibility for allowing scams.
Thailand’s Ministry of Digital Economy and Society (MDES) has declared its intent to take legal action against Facebook unless the social media giant addresses the proliferation of investment and cryptocurrency scam advertisements on its platform.
Thailand Takes On Facebook's Cryptocurrency Scam Epidemic

The MDES revealed that more than 200,000 individuals had fallen victim to deceptive ads on Facebook, promoting fraudulent cryptocurrency schemes, sham businesses, and counterfeit government institutions like the Securities and Exchange Commission.

The ministry accused the scammers of employing various tactics, including crypto investment and trading deceptions. Some ads exploited images of celebrities and prominent financial figures, enticing unsuspecting users with promises of daily returns reaching up to 30%, ultimately luring them into these scams.

Chaiwut Thanakamanusorn, the Minister of MDES, disclosed that despite ongoing communication and a formal letter to the platform’s owner, Meta, Facebook has failed to scrutinize its advertisers, allowing fraudulent content to persist effectively.

The ministry underscored the imperative of public vigilance, cautioning against the proliferation of these sophisticated cyber scams that leverage various strategies, from trading digital currencies through applications and websites to investing in high-yield lending firms and gold stocks.

Perpetrators also often impersonate well-known financial personalities to enhance their credibility and exploit victims within online investment communities.

In a significant move, the MDES is assembling evidence from Facebook’s platform to present to the court, seeking the shutdown of Facebook in Thailand by the end of the month.

The MDES aims to secure a court order mandating the closure of the platform within seven days, holding Facebook accountable for hosting advertisements from fraudulent actors that deceive users into financial commitments.

This development reflects Thailand’s determination to combat the rising tide of online scams, prioritizing user protection and the integrity of its digital landscape.

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