Thailand's Facebook faces shutdown! Various investment scams, including cryptocurrency, prevail, with over 200,000 victims.

Due to an excessive amount of fraudulent investment advertisements, Facebook in Thailand may face closure within 7 days, with cryptocurrency investments being pointed out by the Thai Ministry of Digital Economy and Society as one of the fraudulent tactics used by criminals. According to statistics, over 200,000 people have been victims, with total losses exceeding 10 billion Thai Baht.

Rampant Scams, Thailand May Face Facebook Shutdown

According to a statement from the Thailand Ministry of Digital Economy and Society (MDES), a meeting on the 21st discussed the issue of fraudulent advertisements and investments on Facebook. These ads often use the names and logos of the Thai Securities and Exchange Commission (SEC) and the Stock Exchange of Thailand (SET) without authorization.

For example, using the names of SEC or SET, they claim that investors have the opportunity to trade gold at a low price of 1,999 Thai Baht and promise expert supervision with daily returns of 15-30%.

MDES stated that cybercriminals are using various strategies to scam and transfer funds from accounts, continuously adapting new mechanisms, including investing in cryptocurrencies, high-yield lending companies, and participating in auctions. Furthermore, scammers often impersonate well-known figures in the financial and investment fields to enhance credibility and target potential victims through online communities interested in investing.

"We will file a request to the court to order the shutdown of Facebook within 7 days. This lawsuit against Facebook is based on allowing false advertisements on the platform, deceiving the public for investments and purchases through these ads. Many customers believed and paid but did not receive the corresponding goods, leading to over 200,000 victims in the past with total losses exceeding 10 billion Thai Baht," said MDES Minister Chaiwut Thanakamanusorn.

Currently, MDES is collecting evidence to combat illegal activities on Facebook and is also communicating with Facebook to urge them to address these issues.

To prevent further harm to the public, MDES also reminds people of common scam advertisement characteristics, including high returns in a short period or specific numeric returns, using the names of celebrities, unverifiable business, or pressuring investors to make investments.