Bitcoin Mining Scam Reported in Thailand

Bitcoin Mining Scam Reported in Thailand

People who suffered from an alleged cryptocurrency mining scam have filed claims against the suspected perpetrator with the Technology Crime Suppression Division in Thailand.

30 people have filed a complaint with police, stating that they were fooled into an alleged investment scam called “CryptoMining.Farm.” This reportedly led the loss of 42 million baht ($1.34 million). According to Local authorities, a total of 140 individuals were affected by the scam.

CryptoMining.Farm, which has offices registered in both Bangkok and Chiang Mai, supposedly promised investors an annual return of 70 percent in addition to the option to withdraw their funds at any time with no conditions. The Bitcoin (BTC) mining contracts offered by the company reportedly ranged from three months to a lifetime.

One affected individual said “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 instalments — which would take over seven years to complete.” The source, which reportedly preferred to remain anonymous, said that the payments would also be made in foreign currencies, which is illegal under Thai law.

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