A 27-year-old thai actor, Jiratpisit “Boom” Jaravikit, was arrested over a $24 million cryptocurrency scam. Jiratpisit wasn’t the only suspect with an alleged crime. Seven others were also arrested on the alleged crime, including his older brother and sister, as the court awarded a warrant for their arrest. The crime originated from a Finnish man who complained that he had been lured into fraud from the foreigners, which included million worth of baht, which scales to almost $24 million. These scams mainly came in the form of cryptocurrencies, however, Juratpisit have denied any accusations made against him.
The so called cybercrookes, had promised their clients to purchase shares worth in companies through a cryptocurrency known as Dragon Coin. Investors did not receive any dividends from their investment or any invitation to shareholder meetings. The criminals instead withdrew the BTC from their e-wallets to then covert the cryptocurrency into baht.
It is unknown how legit Dragon Coin really is, this display really show cases how unreliable various forms of cryptocurrency can be. It shows us, that crypto trading is still in its earliest forms.