The Thai government is taking steps to obtain a court order to shut down Facebook unless the social media giant addresses the rising number of crypto and investment fraud scam ads on its platform.
The Ministry of Digital Economy and Society of Thailand said on August 21 that over 200,000 people have fallen victim to Facebook advertisements that promote cryptocurrency scams. The Ministry noted that some have invested in fake businesses and government agencies like the SEC.
Thailand Acts Against Fraudulent Crypto Ads on Social Media
To address this growing concern, the Ministry has asked Facebook to block over 5,301 fake pages and fraudulent ads. The Ministry explained that fraudulent advertisements lure victims as they claim to offer up to 30% returns and illegally use the photographs of celebrities as endorsements.
The Ministry said (translated):
“Today (August 21, 2023), Mr Chaiwut Thanakmanusorn, Minister of Digital Economy and Society (DES), together with Professor Wisit Wisitsorn-at Permanent Secretary of the Ministry of Digital Economy and Society, Mr Wetang Phuangsub Deputy Permanent Secretary of the Ministry of Digital Economy and Society Mr. Tawatchai Pittayasophon Acting Secretary-General Office of the Securities and Exchange Commission (SEC) Mr. Chaichana Mitphan, Director of the Electronic Transactions Development Agency and Pol. Maj. Gen. Thayut Chanthaworn,
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Author: Jana Serfontein
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