Thai immigration authorities have dismantled a cross-border cryptocurrency scam that defrauded a local woman of over $620,000.
According to the local news outlet Khaosod, five suspects were arrested, including citizens of Cambodia, Myanmar, and Thailand. These individuals established a fake investment group to lure victims.
Scam Organized Through Social Media
The fraudsters launched the operation at the end of 2023, using a public Facebook group called “Investor Chat Room” to attract victims, including Ms. Mallika, by promising high returns on investments.
Later, they convinced Ms. Mallika to move the conversation to the LINE app, where they offered her “profitable” investment opportunities in cryptocurrency and stock portfolios, leading her to invest large amounts.
Building Trust and Manipulating the Victim
The suspects assured Ms. Mallika that her investments needed time to yield profit or that more capital was required for leveraged trading. To reinforce her trust, they sent her small returns, creating the illusion of legitimate investing. As a result, the victim transferred a total of 21 million baht (around $621,000) to accounts connected to the fraudsters.
Money Laundering and Investment in Luxury Real Estate
According to immigration officials, the acquired funds were transferred across borders using a Burmese trader who managed a cover company in Thailand. Through this method, the funds were divided across Cambodia, Myanmar, and Thailand. Eventually, the laundered funds were used to purchase a luxury apartment in Bangkok’s Rama 9 area, intended for quick resale.
Authorities’ Action and Arrest of Suspects
Following a detailed investigation, immigration authorities obtained warrants from the Southern Bangkok Criminal Court for the key suspects, who were subsequently arrested. The suspects now face charges of fraud, identity theft, and other crimes.
Other Similar Cryptocurrency Scams
As reported by crypto.news, a similar case involved the EXW-Token scam, where fraudsters defrauded Austrians of 20 million euros, promising high returns but instead using the funds to finance a lavish lifestyle.
In another recent case, the cryptocurrency exchange Binance helped freeze $100,000 USDT linked to Indian scammers, who solicited funds under the guise of investments in renewable energy projects.
#CryptocurrencyScams , #scamalert , #CryptoNews🚀🔥 , #Thailand , #Cryptocurrencies

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,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Fraudsters stole $21.6 million from more than 40,000 investors to fund their lavish lifestyle, which allegedly included $100,000 spent on sex workers.
Five People Sentenced for Cryptocurrency Fraud
Five individuals have been sentenced to prison for their role in a cryptocurrency fraud scheme worth $21.6 million (€20 million). The stolen funds were reportedly spent on a shark tank, private jet rides, sex workers, and luxury cars.
The fraudsters obtained funds from around 40,000 investors through various investment schemes, including EXW Wallet and the EXW cryptocurrency token, according to a report by the Austrian news outlet Heute on October 23.
Sentences for the Fraudsters
Two of the defendants were sentenced to five years in prison, two received 30-month sentences, and one was sentenced to 18 months. Five others were acquitted, while several members of the group are still evading authorities.
The trial at the Klagenfurt Regional Court was the largest fraud trial in Austrian history, according to Heute. The sentences were handed down on October 23, following a two-month trial and more than 300 hours of hearings.
A Life Like a Hollywood Movie
The fraudsters lived a lavish lifestyle, hosting parties at some of Dubai's most luxurious clubs, traveling between cities on private jets, and even purchasing a shark tank for a villa in Bali, as reported by BehindMLM. Additionally, over $100,000 was spent on sex workers, according to a July 12 article by BehindMLM.

Cash Transported in Plastic Bags
The fraudulent operation was based in Dubai, but some of the stolen cash was transported to Austria, where many of the defendants originated. The funds were reportedly carried in plastic bags.
Austrian prosecutors charged eight individuals involved in the EXW fraud in September 2023, with several more charged in the following months. The lack of an extradition treaty between Austria and the United Arab Emirates complicated the prosecution, but some defendants voluntarily surrendered while others fled.
The EXW Fraudulent Investment Scheme
The EXW Wallet was launched in late 2019, promising daily returns on investments in EXW tokens ranging from 0.1% to 0.32%. However, the fraudulent scheme collapsed a few months later in 2020.
Some of the convicted individuals were also involved in promoting real estate projects and are under investigation for a separate cannabis-related fraud, where an estimated 17,000 victims were defrauded of $17.2 million (€16 million).
#cryptofraud , #CryptocurrencyScams , #cryptocrime , #CryptoNews🚀🔥

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In a shocking turn of events, the social media account of French football star Kylian Mbappe was hacked to promote a fraudulent token, resulting in a massive financial loss for one unsuspecting investor. This incident highlights the growing concern of cryptocurrency scams and the importance of cybersecurity in the digital age.
The Hack
On [date], several posts appeared on Mbappe's hacked account advertising the "MBAPPE" token on the Solana blockchain. The token's creators claimed it was a legitimate investment opportunity, leveraging Mbappe's influence to attract investors. However, it soon became apparent that the token was a scam, designed to part investors from their money.
The Scam
The MBAPPE token's capitalization grew to tens of millions of dollars in mere minutes, enticing many to invest. However, the creators of the token had ulterior motives. They sold their holdings, causing the token's value to plummet. This left investors with significant losses, including one individual who lost a staggering $1 million.
The Victim
According to observations, a wallet on Solana was created specifically to purchase the token for 7156 SOL ($1.03 million). When the token's value collapsed, the investor's holdings were reduced to a mere $9.2 thousand in just one hour. This represents a devastating loss of over 99% of their investment.
The Consequences
This incident serves as a stark reminder of the dangers of cryptocurrency scams and the importance of vigilance in the digital age. Investors must be cautious and thoroughly research investment opportunities before risking their funds. Additionally, social media platforms and cryptocurrency exchanges must prioritize cybersecurity to prevent such incidents.
Prevention is Key
To avoid falling victim to similar scams, investors should:
- Verify investment opportunities through reputable sources
- Be cautious of unsolicited investment advice
- Monitor accounts for suspicious activity
- Enable two-factor authentication
By taking these precautions, investors can minimize their risk and protect their assets.
Conclusion
The hacking of Kylian Mbappe's account and the subsequent promotion of a fraudulent token is a sobering reminder of the risks associated with cryptocurrency investments. Investors must remain vigilant and prioritize cybersecurity to avoid falling victim to such scams.

#CryptocurrencyScams #InvestorBeware #CryptoCaution

Earlier this week, approximately 7,000 ether (#ETH🔥🔥🔥🔥 ), valued at around $16 million, was transferred to cryptocurrency exchanges. These funds were previously seized in connection with the PlusToken Ponzi scheme, which gained notoriety as one of the largest #CryptocurrencyScams in history. This movement has sparked speculation that a broader sale of ether may be on the horizon.
PlusToken Defrauded Over 2.6 Million People and Acquired #Cryptocurrencies Worth $14 Billion
The PlusToken Ponzi scheme operated between 2018 and 2019, during which time it attracted over 2.6 million investors. These individuals were deceived by false promises of high returns, leading the company to accumulate over $14 billion worth of cryptocurrencies. Chinese authorities later intervened, seizing various assets, including bitcoin and ether.
Analyst Predicts a $1.3 Billion Sale of Ether
According to an analyst from OXT Research, known by the alias ErgoBTC, the recent movement of ether may signal an upcoming sale of as much as $1.3 billion worth of the cryptocurrency. The analyst pointed out that these transactions follow a pattern similar to earlier attempts to disguise the sale of bitcoin, which occurred in 2019. This suggests that a significant sale of ether could take place in the coming weeks or months.
Cryptocurrencies Handed Over to Chinese Company for Sale
Court documents reveal that the seized assets, including ether, were handed over to a Chinese company, Beijing Zhifan Technology Co., tasked with selling the assets and using the proceeds for investor restitution. Most of the #bitcoin☀️ involved in the seizure has already been sold between 2019 and 2020, generating around $1.3 billion.
Ether Remained Dormant Until August 2023
While most of the bitcoin was sold years ago, ether remained inactive in various wallets until August 2023, when it was redistributed to 294 new addresses. This raised speculation that a major sale of ether could be imminent. On Tuesday, an additional 15,700 ether were moved from these addresses, signaling increased activity around these wallets.
Further Transfers and Potential Market Impact
Of the 15,700 ether moved, approximately 7,000 were sent to several major cryptocurrency exchanges, including BitGet, Binance, and OKX. This move suggests that further sales are likely, and the distribution of ether is probably not over yet. ErgoBTC notes that this activity represents a new supply overhang for ether, which could have an impact on its price.
Supply Overhang as a Potential Factor Affecting Ether’s Price
These movements introduce new ether supply to the market, potentially putting downward pressure on its price. While it remains uncertain when and in what volume the ether will be sold, the situation indicates that the market could experience significant fluctuations depending on the future course of these transactions.
#CryptoNews🚀🔥
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As cryptocurrency trading continues to grow in popularity, scammers are becoming increasingly sophisticated in their tactics. One common scam to beware of is the Paid-But-Canceled scam, which targets users on Binance P2P. In this article, we'll explain how this scam works, and provide essential tips to help you stay safe.
What is a Paid-But-Canceled Scam?
In a Paid-But-Canceled scam, a malicious seller convinces a buyer to cancel a cryptocurrency order after payment has been made. The scammer claims there was an issue with the transaction and requests cancellation, promising a refund or a new transaction. However, once the order is canceled, the scammer keeps both the payment and the cryptocurrency, leaving the buyer defrauded.
Scam Prevention Tips
To avoid falling victim to Paid-But-Canceled scams on Binance P2P, follow these essential tips:
1. Never Cancel Orders After Payment: Refrain from canceling an order after making a payment until you've confirmed the refund has been credited back to your account.
2. Stay Vigilant: Be cautious of sellers offering deals that seem too good to be true. Report suspicious activity to Binance support promptly.
3. Keep Conversations on Binance: Maintain all P2P transaction communications within the Binance platform to ensure integrity. Never share contact information with counterparties.
4. Raise an Appeal: If the seller fails to release the order after confirming payment, raise an appeal. Binance support can intervene and release the order, ensuring you receive your cryptocurrency.
Best Practices for Secure P2P Trading
In addition to avoiding Paid-But-Canceled scams, follow these best practices for secure P2P trading on Binance:
- Verify seller information and reputation before initiating a trade.
- Use Binance's escrow service to protect your funds.
- Keep your account and password information secure.
- Monitor your account activity regularly.
Stay Informed, Stay Safe
Binance is committed to providing a secure trading environment. By understanding Paid-But-Canceled scams and following these prevention tips, you can protect yourself and your assets. Stay informed, stay vigilant, and trade with confidence.
Take the Binance P2P Scam Prevention Knowledge Test
Test your knowledge and enhance your P2P capabilities by participating in Binance's fourth Scam Prevention Knowledge Test. Learn to recognize common cryptocurrency scams and steer clear of them.
Resources
- Binance P2P Safety: How to Recognize and Avoid Paid-But-Canceled Scams
- Binance Support: Report Suspicious Activity
- Binance Academy: Cryptocurrency Scams and How to Avoid Them
By educating yourself on Paid-But-Canceled scams and adhering to best practices, you can ensure a secure and successful P2P trading experience on Binance.
#BinanceP2P
#CryptocurrencyScams
#P2PTradingTips
#BinanceSecurity
#CryptoSafetyMatters

Thousands of Indian citizens are being fraudulently lured with fake high-paying job offers to become victims of cyber slavery and #CryptocurrencyScams in Southeast Asia. According to local media, thousands of Indians are being forced to participate in online scams, including cryptocurrency scams, phishing attacks, and other fraudulent activities primarily targeting Indian citizens.
Cyber Crimes and Cryptocurrency Fraud
In some cases, victims are forced to impersonate law enforcement officials to fraudulently extort money from unsuspecting individuals. Approximately 45% of #cybercrimes targeting Indians originate from Southeast Asia.
Rescue Operations and Government Interventions
Victims, mostly young Indians, are attracted by fake job offers for positions in IT and data entry systems. Upon arriving in countries like Cambodia, Laos, and Myanmar, their passports are confiscated, and they are locked in guarded complexes where they must work under inhumane conditions. Between October 2023 and March 2024, Indians lost at least 500 million crowns in these scams.
Indian Government Steps In
The Indian government is collaborating with international organizations and local authorities in Southeast Asia to help repatriate imprisoned citizens and dismantle cyber slavery networks. In March, several young Indians were rescued from fraudulent centers in Laos. The Indian embassy has warned against illegal job offers that use "Visa on Arrival" and advised people to carefully verify recruitment agencies.
Unreturned Indians and International Response
From January 2022 to May 2024, approximately 30,000 Indians traveled to Southeast Asia but have yet to return. The Indian government has formed a panel tasked with combating cyber fraud and ensuring the return of these citizens.
In Addition to Cryptocurrency Scams
Investigations have revealed that cryptocurrency scams are often linked to global criminal networks involved in human trafficking. In 2023, #Bloomberg journalists uncovered a massive human trafficking operation in Cambodia connected to Chinese criminal organizations. Victims were subjected to inhumane conditions and brutal treatment.
International Sanctions
The seriousness of these cases has also attracted the attention of the U.S. Department of the Treasury, which recently imposed sanctions on a Cambodian senator connected to these scams. The sanctions also extend to his conglomerate and other entities involved in the exploitation of workers in relation to cryptocurrency scams.

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“