In Thailand, the Ministry of Digital Economy and Society specified that Facebook ads tricked more than 200,000 people into crypto scams. After further investigation, it will seek a court order to shut down Facebook.
As per the statement of MDES, people had invested in fake businesses and fake government agencies like the Securities and Exchange Commission due to the Facebook ads on crypto. Facebook will have to take steps with these crypto scam ads; otherwise, it will lead to a shutdown in Thailand.
The scammer used many well-received strategies, like trading crypto coins through an application or website, investing in crypto coins, investing in foreign exchange trading, investing in shares in a group of well-known companies, and many more, according to MDES.
Adding to this, they also used celebrities’ images and well-known financial figures in their Facebook ads. To make attractive schemes for the people, scammers also promise 15-30% daily returns, MDES claimed.
The minister of MDES, Chaiwut Thanakamanusorn, stated that although the ministry had communicated with and sent a letter to the Meta-owned platform on this matter, but claimed it did not screen advertisers.
By month’s end, the ministry will be ready to request a court shut down Facebook within seven days. However, at the current time, it is in the process of collecting evidence for the scam ads and pages, which numbered over 5,301.
Also Read: Thai SEC Sets Guidelines for Crypto Business in Thailand
