In Thailand, a Singaporean is accused of a cryptocurrency scam involving $657,000

Thai police have arrested a 32-year-old citizen of Singapore on suspicion of cryptocurrency fraud that resulted in investors losing over 22.4 million baht ($657,000).

According to the police, the man was involved in the creation of a fake mobile application, the interface of which resembled the cryptocurrency trading platform Tidex. The counterfeit application promised investors high returns on their investments. The Bangkok online fraud center discovered that victims, who fell into the scammers' trap, made at least 17 money transfers to the platform.

The creator of the platform generated several cryptocurrency addresses where he stored the illegally obtained funds. An arrest warrant was issued by the criminal court of Prahanong in Bangkok. During a raid, officials from the Technology Crime Suppression Division (TCSD) arrested another 13 people in four other provinces of Thailand - Bangkok, Chiang Rai, Rayong, and Phuket. Among those detained are two alleged creators of cryptocurrency schemes: a 29-year-old citizen of China and a 38-year-old citizen of Thailand.