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This fraudulent operation tricked more than 3,000 investors into putting their money into gold and USDT, a stable cryptocurrency.

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Thailand’s Cyber Crime Investigation Bureau (CCIB) has arrested four Chinese nationals and one individual from Laos in connection with a fraudulent cryptocurrency investment platform that swindled approximately $76 million (2.7 billion Baht) from local investors.

Fake Bitcoin Investment Scheme

The scammers operated under the guise of “BCH Global Ltd.,” posing as a Bitcoin investment platform. They deceived 3,280 residents who believed they were investing in gold and the USDT stablecoin. These individuals now face charges related to transnational crimes, public fraud, and money laundering.

The investigation was launched by Thailand’s CCIB in collaboration with Homeland Security Investigations and various international law enforcement agencies. It began after reports from affected investors who suffered losses through the website bchgloballtd.com in late 2022.

As of September 4, Thailand’s Anti-Money Laundering Office had seized assets valued at 585 million Baht. CCIB spokesperson Kissana Phathanacharoen reaffirmed the organization’s commitment to assisting victims in understanding their legal rights.

Reporting and Measures Against Online Scams

Victims of such scams can report their complaints through CCIB’s hotline or official website. In related efforts, Thailand’s Minister of Digital Economy and Society (MDES) has considered measures, including potential actions against Meta (formerly Facebook), to combat financial crimes, particularly those involving cryptocurrency. MDES noted that many users had fallen victim to scams, including fraudulent crypto investments, through advertisements on social media platforms.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Blockchain #Bitcoin #CryptoNews #cryptomarket #Thailand

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In recent news, Thailand’s K-Bank has made a significant move by acquiring a majority stake in the parent company of the Satang cryptocurrency firm.Thailand’s Kasikorn Bank, often referred to as K-Bank, has made a major move in the digital asset space. They’ve successfully acquired 97% of the shares of Satang Corporation Co. Ltd’s parent company, which operates a digital asset exchange. This acquisition is valued at a substantial 3.705 billion Thai baht, equivalent to $102.8 million, and became effective on October 27.
Notably, the acquisition was executed through a new subsidiary of K-Bank called Unita Capital, which specializes in investments in digital asset companies in the Asian market.
K-Bank’s Strategic Move in the Crypto Space
With the completion of its acquisition of Satang Corporation, K-Bank is ready to embark on a new journey in the world of cryptocurrency. Satang will undergo a rebranding process, adopting the name Orbix, which will encompass three vital subsidiaries:
1. Orbix Invest: A digital asset fund manager.2. Orbix Custodian: Focusing on safekeeping and security.3. Orbix Technology: Devoted to blockchain tech development.
This strategic acquisition comes after K-Bank declared its intention to raise $100 million in funding earlier this year, emphasizing its commitment to Web3, fintech, and AI advancement.
K-Bank’s move into the crypto industry positions it in direct competition with Siam Commercial Bank (SCB), one of its major rivals. K-Bank aims to offer a comprehensive array of crypto-related services that are authorized in Thailand. Additionally, K-Bank has secured a crypto exchange license and is actively pursuing additional licenses in the crypto sector.
Thailand’s Crypto-Friendly Tax Changes
Thailand’s Tax Reforms: Earlier this year, Thailand unveiled its intentions to overhaul its income tax regulations for foreign earnings, starting in January 2024. By 2025, the country plans to introduce new tax reforms, displaying a welcoming stance toward cryptocurrencies.
Binance’s Move: In a significant development, Binance, the world’s largest crypto exchange, has secured a Digital Asset Operator license in Thailand. With the support of Gulf Innova Co. Ltd., Binance established Gulf Binance in Thailand in May of this year. This strategic partnership underscores the growing interest and acceptance of cryptocurrencies in Thailand.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#Bitcoin #CryptoNews #KBank #Thailand #Orbix

CryptosHeadlines.com - The Leading Crypto Research Network

The Hong Kong Monetary Authority (HKMA) is involved in two CBDC-related projects, called MBridge and e-HKD.The central banks of Hong Kong, China, Thailand, and the United Arab Emirates, along with HKMA, are collaborating on a cross-border central bank digital currency (CBDC) initiative called mBridge. This project is expected to launch around mid-2024 and could provide an alternative to Swift’s dominant payment infrastructure, potentially leading to further payment fragmentation in other regions.
mBridge is being coordinated under the Bank for International Settlements (BIS) and involves significant companies like Tencent, the owner of WeChat Pay and the WeChat app.
Additionally, HKMA is working on another CBDC-related project called e-HKD, which has various potential use cases, including programmable payments, tokenized deposits, and tokenized assets. Eddie Yue Wai-man, CEO of the Hong Kong Monetary Authority, emphasized the versatility of e-HKD in these different areas.
HKMA is currently conducting trials involving 16 major businesses. In September, HSBC distributed eHKD to approximately 200 students and staff at the Hong Kong University of Science and Technology Business School to test the digital currency’s usability.
Among the pilot participants, Standard Chartered and Fubon Bank are exploring potential use cases for CBDCs. Fubon Bank has also announced its intention to collaborate with Ripple (XRP) on a pilot project involving real estate tokenization.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#CryptoNews #HongKong #UAE #Thailand #CBDC

In a shocking incident, four immigration police officers in Thailand are facing arrest for allegedly kidnapping a Chinese man and his female interpreter and extorting a large sum of money from them, SCMP reported on March 21.

According to Deputy national police chief Surachate Hakparn, the incident took place on March 10, 2023, and came to light after the Thai woman filed a police report. The duo had fallen victim to an immigration scam while trying to renew the Chinese man’s passport and visa at a government office in Bangkok.

Thai immigration police chief Surachate Hakparn speaks to journalists in Bangkok. Photo: AFP

After officials rejected the man’s application, the duo left the government office and returned home. However, five men abducted them from their residence and forced them to pay a ransom of 1 million baht (US$29,170) in cryptocurrency. The captors also forced the man to transfer 30,000 USDT to them through the imToken app. The victims were eventually released and reported the incident to the police.

Further investigation revealed that four immigration police bureau officers were linked to the case. Arrest warrants have been issued against the officers, and the Chinese man has fled back to his home country. The victims were also in the news again on Monday after their car was waylaid by a motorcycle-borne assailant. The man received a ransom call demanding 1 million yuan (US$145,500) for his relatives’ freedom, and he handed over 200,000 yuan (US$29,100) in cryptocurrency to the suspect.

This incident has brought the spotlight on Thailand’s immigration police officers and their methods. While the officers claimed to be innocent, their involvement in the incident raises serious questions about the safety and security of foreigners in the country. The incident is also a reminder of the dangers of dealing with cryptocurrencies, which are increasingly being used by criminals to extort money from their victims.

The Thai government needs to take swift action to ensure that incidents like these do not occur again in the future. It is crucial that they investigate and punish those involved in the incident, including the immigration officers, and provide adequate protection to foreigners in the country. The incident has caused a lot of concern among the expat community in Thailand, and the government needs to take concrete steps to address their concerns and ensure their safety.

#Thailand #Chinese #coinscam #USDT #azcoinnews

This article was republished from azcoinnews.com