Thailand’s Minister of Digital Economy and Society (DES) is considering the possibility of shutting down Meta (formerly known as Facebook) due to allegations of cryptocurrency scams. The minister believes that fraudsters are using the social media platform to promote their fraudulent schemes, leading to unsuspecting victims falling prey to these scams.
The Ministry of Digital Economy and Society has identified fake advertisements on popular social platforms, including Meta, that are designed to deceive people into investing and then drain their funds. It has also been observed that scammers often use the images of well-known figures to make their schemes appear more trustworthy.
In response to these issues, Chaiwut Thanakmanusorn, the Minister of DES, has stated that his team may propose the closure of Meta to the court by the end of the month. The aim of this move would be to enable authorities to investigate and identify the individuals behind these scams, which involve investments in gold stocks, high-yield lending companies, foreign exchange trading, and cryptocurrencies.
Thanakmanusorn estimates that these fraudulent schemes have affected more than 200,000 individuals, resulting in losses of nearly $300,000. The Ministry has also taken action by sending a warning letter to Meta and other similar companies, urging them to block over 5,300 fraudulent ads and pages that could potentially harm users.
To help prevent such scams, the lawmakers have provided valuable tips to the public. They advise individuals to be cautious of investment opportunities that promise high returns in a short period or that feature the face of a celebrity. Additionally, fraudsters often pressure people to invest quickly, claiming that they will miss out on a great opportunity for substantial returns.
The Ministry concludes by urging people not to be deceived by investment solicitations on social media and to verify information from reputable agencies before sharing it on various social media platforms.
In summary, Thailand is considering the closure of Meta (Facebook) due to allegations of cryptocurrency scams. The Ministry of Digital Economy and Society aims to investigate and prevent fraudulent schemes that have affected thousands of individuals. The public is advised to be vigilant and verify investment opportunities before engaging with them on social media.