Categories: News

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 2

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.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Dogecoin Price Reaches 5-Month High: Here’s What’s Driving The Increase 

The Dogecoin price has reached a five-month high, and investors should buy the Ethereum token…

32 mins ago

Best Cryptos to Invest in Now: Don’t Miss Out on These Potential Game-Changers!

Crypto isn’t just for the tech-savvy anymore; it’s for everyone. As more people jump into…

1 hour ago

Trust Wallet CEO Backs Web3, Plus Wallet’s Top-Tier Encryption Ensures Secure Asset Access Amid Crypto Liquidation Hits $277M

Read how Plus Wallet’s top-tier ensures secure, unified digital asset management. Get the latest updates…

5 hours ago

Former Alameda CEO Will Now Serve 2-Year Sentence

Former Alameda CEO Caroline Ellison reported to a Connecticut federal prison on November 7 after…

5 hours ago

Degen Rollup Key Issue Forces Possible Chain Restart

Degen Rollup Key Issue: Conduit seized Degen’s L3 private key, causing 54 hours of downtime…

5 hours ago

This website uses cookies.