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Charges laid over alleged ‘crypto mining’ Ponzis that netted $8.4M

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Charges laid over alleged ‘crypto mining’ Ponzis that netted $8.4M

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Charges Laid over Alleged ‘Crypto Mining’ Ponzis that Netted $8.4M

Investigators have charged five individuals behind an alleged ‘crypto mining’ Ponzi scheme that saw more than 5,000 investors defrauded of $8.4 million.

The Fraud

The fraudulent crypto operations, run through the online platform ‘CryptoMining.Farm’ has been running since June there year and falsely promised investors a return of up to 130% in an effort to entice investors.

Investors believed that their deposits would be used to fund a ‘crypto mining’ business which would bring returns but in fact most of their funds were misappropriated for personal gain.

The Arrests

The Central Investigation Bureau and Thai Crime Suppression Division have marked the arrests of five key individuals related to the operation, Captain Siri Panyasiri as well as four alleged rivals in the cryptocurrency and trading arenas such as:

  • Mr. Wichean Kunaworanapong
  • Mr. Chaiyut Khunmee
  • Mr. Chanchai Pianfoi
  • Ms. Sudarat Kaenmongkol

Each or all five of the individuals face charges of fraud and money laundering and could face up to 10 years imprisonment for their involvement.

Investigations

The police are still investigating hundreds of other potential victims as well as looking at other business owned and operated by the arrested parties.

The Thai Financial Crime Suppression Division have now set up a special task force to investigate similar cases in an effort to crack down on the ‘Wild West’ of cryptocurrency investment and to ensure investor safety in the future.

Police have laid multiple charges against a group of nine individuals for their alleged involvement in a multimillion-dollar cryptocurrency-based scam.

The group was charged with breaching several Australian laws in a scheme that involved earning profits through the method of ‘crypto mining’ and ‘hyip’ (high-yield investment program) Ponzi schemes. This scam led to millions of dollars worth of unauthorised payments and transfers, with more than $8.4 million worth of crypto assets surrendered to authorities.

Police said the organised crime group had allegedly rented out illegally obtained computer hardware and associated services, such as software, for the purpose of crypto mining.

In addition, the group had allegedly set up multiple investment schemes that promised high rewards for low-cost investments in the so-called ‘crypto mining’ or ‘cryptocurrency mining’. Police believe that these investments have resulted in losses for victims of more than $5 million.

The individuals charged have now been directed to appear in court on dates which are yet to be determined.

The investigation was conducted by special agents from the New South Wales Police Force’s Cybercrime Squad and the Australian Federal Police.

This case serves as an important reminder of the dangers posed by fraudulent investment schemes and the need to do thorough research before investing funds in any suspicious venture.

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