Thailand’s Technology Crime Suppression Division has received complaints from people who were duped by a cryptocurrency mining scam.

According to people who filed reports with the division, the leaders of the cryptocurrency mining scam made them believe it was a genuine investment by first initiating payments. The leaders were selling the scam under the name ‘CryptoMining.Farm.’

Although only thirty people filed complaints with the division, the law enforcement agency handling the case has indicated that more than one hundred and forty individuals are likely to have invested in the cryptocurrency mining scam. Reports indicate that the scam has already accumulated 1.34 million U.S dollars from investors.

To lure people into investing, the scammers flaunted a 70% return on a yearly basis with no restrictions when they wanted to withdraw their funds. The investment opportunities were being paraded as Bitcoin mining contracts with a minimum of 3 months to a maximum of a lifetime.

The leaders running the cryptocurrency mining scam later changed the terms of the contract. As one affected individual noted:

From August the owner began imposing conditions for withdrawing the money. 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. The payments were supposed to be made in foreign currencies [which] is not permitted by Thai laws.

According to the Bangkok Post, a local media outlet, the scammers had offices in Bangkok and Chiang Mai “which led many investors to think the company was a legitimate operation.”

Although Thailand has classified cryptocurrencies as digital assets/tokens, it is yet to provide a detailed regulatory framework around virtual currencies. However, the country’s top government officials have called for a review of the current guidelines.

Do you think the cryptocurrency mining scam lured more into their net by first initiating initial payments?

Let us know your thoughts in the comments section below.