Altcoin News: Thai Residents Accuse Mining Company CryptoMiningFarm of Fraud

February 19, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

More than thirty Thai residents have signed a statement accusing the mining company CryptoMiningFarm of fraud. It is reported that citizens invested money in a company that promised profits, but instead, deceived investors, whose number may exceed 140 people, have lost a total of more than 42 million baht ($1.34 million).

CryptoMiningFarm offices were opened in the capital of Thailand, Bangkok and the city of Chiang Mai. The gullible citizens of the country were lured with the promise of annual profits in the amount of 70% of the invested funds. At the same time, the fraudsters promised at any moment to return the entire amount of the invested funds if the client wishes. Contracts were signed for a period of 3 months to infinity.

“But from August the owner began imposing conditions for withdrawing the money,” the victim claimed. “Then at the start of this month, the site announced it would start paying back investors in 84 installments — which would take over seven years to complete.”

Last year, the Finnish cryptocurrency billionaire lost more than 5,500 Bitcoins in the alleged investment scam in Thailand. The case attracted public attention because of participation in the scheme of a popular Thai film actor. However, at the end of last year, the three suspects of fraud were found not guilty in all four lawsuits.

Author: Marko Vidrih