Crypto investors who lost over $2.46 million to a crypto pyramid scam are requesting the authorities in Thailand to investigate the matter. According to a local media report, the project, which was called Khung Nong Cryptocurrency Trading, gained popularity in some areas of the nation in 2018.
It is alleged that the project promised investors returns of 8 percent per week. This caused many investors to trust in the project around the nation. It is alleged that people sold their assets including land, cars, and businesses to invest in the project.
Phadungsak Tienpairoj, who is a human rights activist, has referred 20 of the victims to the nation’s authorities. The authorities have taken up the matter and they are investigating it alongside local authorities in the Krabi province.
Thailand launched an ICO portal in 2018 to stymie the prevalence of crypto scams. The nation has been clamping down hard on the crypto and blockchain due to scam in the sector. While the announcement of an investigation will not be of much use to the victims, it brings them comfort knowing that something is being done about it. If they are lucky, the scammers will be brought to book and the victims will get their money back.
Scams in the Crypto Sector
Scammers have dominated the crypto sector for a while now. It has to losses worth hundreds of millions of dollars, and possibly billions globally. However, the authorities have been working hard to end this scourge. Various scammers have received hefty fines and been forced to pay back their victims. However, many scammers have managed to escape with their loot.
It is important for anyone investing in the crypto sector to conduct due diligence. This will ensure that they do not lose any of their money. For instance, if a project promises huge returns, it is probably a scam. There are many ways to check if you are being scammed by visiting various crypto forums online. In most cases, you will find posts warning people about such scams. In general, if you are suspicious about a project, do not invest your money.