Altcoin News: Crypto “Wizard” Suspected of Major Fraud
September 6, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
A 48-year-old resident of Bangkok who called himself a “cryptocurrency wizard” was detained on suspicion of participating in exchange fraud, the losses from which are estimated at 500 million baht ($16.3 million).
According to the Bangkok Post, Mana Jumuang was arrested while playing soccer. The police said that he was a member of the Thai-Vietnamese criminal gang, which was searching for potential investors for its fraudulent scheme in at least 10 Asian countries, including South Korea and Vietnam.
Victims were invited to use the services of the group to invest in cryptocurrencies. Initially, investors received payments, but this did not last long, and after a while, the scammers hid.
According to the police, Jumuang was spending the assigned money on his own needs, including buying land in Thailand. Two more suspects of Thai descent are on the run, while the Vietnamese allegedly left for their homeland.
Earlier it became known that in India, scammers tortured the leader of their gang to death while they tried to force him to reveal the password for the Bitcoin wallet.
Author: Marko Vidrih
