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BANGKOK 26 March 2019 05:04
webfact

Victims in Bitcoin swindle go to Thai tech police

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Victims in Bitcoin swindle go to Thai tech police

 

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Picture: Daily News

 

Some 30 representatives of a group of 140 victims yesterday went to file a complaint with Thailand's tech police after they lost 42 million baht in a Bitcoin swindle. 

 

The complainants invested in the crypto-currency through a website called "cryptominingfarm" run by Lifetime Technology Co Ltd and its owner Phimongkhon Thaophiban. 

 

Some investors put in as little as 1,000 baht - others invested millions. 

 

One of them was actor Johnson Thewin who said he had done legitimate Bitcoin investments before and believed the company as they had offices in Muang Thong Thani and Chiang Mai. 

 

After getting good returns he invested more then lost it all. 

 

It slowly dawned on the investors that they had been conned through the middle of last year. 

 

Thailand's tech police arm are investigating after the complainants went to the national police HQ in Bangkok on Monday. 

 

Source: Daily News

 

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 -- © Copyright Thai Visa News 2019-02-19
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4 hours ago, webfact said:

t slowly dawned on the investors that they had been conned through the middle of last year. 

While not condoning the scam, it always seems down to greed, spurred on by a promise of too good a return on investment.

 

I'm sure someone will say I'm comparing apples with oranges:

If someone lends money freely and is then unable to get it repaid, here the police have always seen it as something they're powerless to act over - usually when it involves a ferang lending to a Thai.

What is the difference here, they weren't coerced into 'investing' their money, it was done of free will.

Perhaps the only difference is the website claimed high rates of return?

 

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4 hours ago, webfact said:

 

After getting good returns he invested more then lost it all.

Sounds a little bit-ter there .. 

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9 minutes ago, Justgrazing said:
4 hours ago, webfact said:

After getting good returns he invested more then lost it all.

Sounds a little bit-ter there ..  

Isn't that in the scam world known as 'the long game'?

Enticing a sucker in with good returns on a small investment, then going for the sting, by relying on the 'mark's' greed to make a much larger investment.

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11 minutes ago, bluesofa said:

then going for the sting, 

Hahahaha .. Yeah the one's who don't get " bitten " first time around get " stung " going back for some more .. 

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Wasn't aware Thailand had any tech...so much as Tech Police! :vampire:

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I don't know the details of this scam, but my wife has recently had a couple friends scammed by people who preyed on people who had no clue what bitcoin actually is (which is probably most people) - they were just using the "bitcoin" buzzword to front a typical pyramid scheme.

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Theres always the small chance this wasnt a scam.  Bitcoin (btc/usd) went from approx 18000bht to 3000bht a share over the course of the year.  Everybody was touting a bounceback even on TVF.

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1 hour ago, Skeptic7 said:

Wasn't aware Thailand had any tech...so much as Tech Police! :vampire:

The Cyber Crime police have their office close to immigration at Changwattana (I think it's 1 or 2 floors above immigration 1).

image.png.3954d41d85aa7250011dfaf7ed4af43a.png

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18 hours ago, webfact said:

Thailand's tech police

Putting both the ox and the moron in oxymoron... 

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19 hours ago, RotBenz8888 said:
19 hours ago, webfact said:

After getting good returns he invested more then lost it all. 

Makes me think about Las Vegas.

 

More a classic Ponzi, He probably got other investors into the game, based on his score. Then after they banged up their baht too, wooosh, the rug gets yanked out from under their collective feet.

 

Edited by LomSak27

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