Thailand launches probe into $2.46M cryptocurrency pyramid ‘scam’

Cryptocurrency investors who fell for an alleged pyramid scheme that resulted in losses of more than $2.46 million (THB75 million) have asked Thailand‘s Department of Special Investigation (DSI) to investigate. According to the Bangkok Post, the cryptocurrency project, known as “Khung Nong Cryptocurrency Trading,” became famous in parts of the country in 2018. The scheme allegedly promised maximum returns of 8 percent per week, attracting individuals from Krabi, Trang, Yala, Pattani, and Narathiwat who sold their assets — including cars, businesses, and land — in order to invest. [Read: Thailand’s oldest bank hints at new blockchain app powered by Ripple] Human rights activist Phadungsak…

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