Summary

• Five individuals, including four Chinese nationals and one Lao citizen, have been arrested in Thailand for their involvement in a crypto scam that caused losses exceeding $76 million.
• The scam was centered around the crypto investment platform "bchgloballtd.com" and targeted at least 3,280 victims who believed they were investing in gold and cryptocurrencies like USDT.
• Assets worth $16.5 million have been confiscated by the Anti-Money Laundering Office, and victims are urged to verify investment firms' registration numbers and exercise caution when investing in cryptocurrencies.

In a significant crackdown on crypto fraud, five individuals have been arrested in Thailand for their involvement in a crypto scam that resulted in staggering losses of over 2.7 billion baht ($76 million), according to local media reports. The suspects include four Chinese nationals and one citizen from Laos, apprehended by the Cyber Crime Investigation Bureau (CCIB).

CCIB spokesperson Kissana Phathanacharoen disclosed that the fraudulent scheme revolved around a crypto investment platform “bchgloballtd.com”, which duped at least 3,280 victims. 

The victims claimed they were deceived into investing in gold and cryptocurrencies like USDT. The CCIB, in collaboration with international law enforcement agencies including Homeland Security Investigation, obtained arrest warrants for the suspects.

The charges leveled against them include collusion in transnational crime, public fraud, falsifying computer system information, and money laundering. Additionally, the Office of the Attorney General has initiated prosecution proceedings against the suspects, and assets worth 585 million baht ($16.5 million) have been confiscated by the Anti-Money Laundering Office as of September 4. 

Many victims reportedly invested their life savings or took out loans against their property, often lured by promises of high, guaranteed returns in a short time. To safeguard against such scams, the CCIB is advising the public to verify investment firms' registration numbers and check the authenticity of investment websites to avoid falling victim to such scams. Victims are encouraged to report complaints through official channels provided by the CCIB.