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Massive Multi-Million Crypto Scam Unraveled and Tips to Safeguard Your Assets

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Massive Multi-Million Crypto Scam Unraveled and Tips to Safeguard Your Assets

In September 2023, Thailand authorities took robust action against an extensive cryptocurrency scam that swindled ฿2.7 billion Thai baht (equivalent to over US$74 million) from investors. This incident brings to light the challenges linked to digital asset investments and underscores the rising significance of regulatory vigilance in this rapidly developing sector.

The Bust

Thailand’s Cyber Crime Investigation Bureau (CCIB) has reported the arrest of five international individuals linked to a well-organized cryptocurrency deception. This scheme targeted over 3,200 local investors through the website Concerns were initially voiced in late 2022 when individuals reported to authorities about being misled into investments relating to gold and cryptocurrencies.

A comprehensive investigation was undertaken by the CCIB, greatly aided by contributions from the United States Homeland Security Investigations and other global law enforcement agencies. Subsequent to their findings, the involved individuals faced several charges, including transnational crime collusion, public fraud, and money laundering.

A Rising Concern

While cryptocurrency scams aren't new, the magnitude of this specific operation draws focus to the potential pitfalls that unprepared investors might encounter. CCIB's spokesperson, Kissana Phathanacharoen, highlighted that these schemes have become the most financially destructive scams in Thailand. It's particularly distressing to note that many affected parties, enticed by the promise of high returns, often invest their entire life savings or even mortgage their assets, only to find themselves in dire financial straits.

The CCIB is actively reaching out to affected individuals and guiding them on their legal rights. Local victims can register their complaints at or contact the CCIB directly via their 1441 hotline.

This incident emphasizes the critical importance of both investors and regulatory entities maintaining vigilance. As the crypto landscape continues to evolve, it remains imperative for nations to bolster their regulatory frameworks and for investors to exercise caution, ensuring they're not the next victim of a well-orchestrated scam.

Guide to Defeating Crypto Scams

Safeguarding your cryptocurrency investments is crucial. Below are some essential practices every investor should adopt to protect against scams.

- Due diligence/ DYR (Do Your Research): Despite the allure of high returns, it is vital for investors to research and understand the platform/ the project/ the asset they are investing in and always be skeptical of investment propositions that sound too good to be true.

- Strong Password: Always opt for complex passwords comprising a mix of letters, numbers, and symbols. Regularly updating your password reduces vulnerability.

- Regularly Monitor Your Account: Regularly review your account activity. If you notice any unfamiliar transactions or changes, contact Bitget support immediately.

- Stay Informed: Follow Bitget's official channels, such as our Twitter, Telegram Channel, Academy, Blog, or Support Center, to stay updated on any security advisories or updates.

You can also check whether the email, website address, or social media account is Bitget’s official channel by visiting our Bitget Official verification page.

Want more advanced tips to avoid crypto scams and safeguard your assets? Bitget provides various informative articles to quickly acquaint you with the essentials and alert you to potential scams.

Common Cryptocurrency Scams and Frauds

Your Guide to Defeating Phishing Scams

Beyond Passwords: An Advanced Security Guide on Bitget

Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.