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Warning: $1.3 Mil Lost to New Investment Scam in Thailand

By Chris Torres | February 19, 2019
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Warning: $1.3 Mil Lost to New Investment Scam in Thailand

Thailand citizens have filed a complaint with the Technology Crime Suppression Division in Thailand after being tricked to invest in “CryptoMining.Farm”, a fake blockchain-mining website.

As reported by the Bangkok Post on Feb. 18, the total loss was up to 42 million baht ($1.34 million). The scam is suspected to affect over 140 victims who signed up and made investments into the website “CryptoMining.Farm.”

The website is reportedly launched by Lifetime Technology Co Ltd, which has offices located in 2 major cities Bangkok and Chiang Mai. This has led investors to believe in the legal status of the firm. Its promises to users include a yearly return up to 70% and an offer to withdraw funds anytime without any conditions.

“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 installments — which would take over seven years to complete”, said one victim in an interview with the local newspaper Bangkok Post.

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