Thailand Warns Facebook of Crypto Scam and Fraudulent Ad Crackdown


Thailand’s Ministry of Digital Economy and Society (MDES) is planning to take legal action against Facebook due to the alleged presence of investment and crypto scam ads on its platform. According to the MDES, over 200,000 people have already fallen victim to these fraudulent ads, which often use images of celebrities and financial figures to persuade users to invest in fake businesses and government agencies such as the Securities and Exchange Commission.

At an Aug. 21 press conference, MDES Minister Chaiwut Thanakamanusorn reported that the ministry has been in contact with Facebook about the issue, sending a letter as well, but has yet to see any improvement. Thus, they are now gathering evidence of the 5,300 scam ads in order to present it to the court and request a seven-day shutdown of the platform.

The ministry also warned citizens to be aware of the tactics used by scammers. Promises of high returns or limited time offers should be treated with caution, as well as businesses or platforms that provide no verifiable information.

Cointelegraph contacted Meta but has not received a response yet.

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