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Crypto Price Surge Could Attract Fraudsters: Thai Digital Asset Association

The Thailand Digital Asset Association has issued a warning to Thai users regarding the recent surge in crypto prices, cautioning that it could potentially attract hackers. Comprising a network of blockchain enthusiasts, the association aims to educate citizens about the risks associated with the crypto-asset bubble.

Suppakrit Boonsat, the founder of Bitcast and director of the association, noted that despite the rise in crypto prices, the costs associated with carrying out thefts remain unchanged, thus still appealing to fraudsters.

“Many anticipate a bullish trend in the cryptocurrency market this year, largely due to the introduction of spot Bitcoin exchange-traded funds and the Bitcoin halving.”

This warning comes in light of Thailand experiencing a substantial loss of 867 billion baht ($24.2 billion) due to crypto hacks last year. Additionally, association members highlight that the challenges involved in securely storing cryptocurrencies have hindered Thailand’s progress in crypto development.

Boonsat emphasized, “Once an asset is stolen, recovery of the funds is impossible. The most cost-efficient and reliable strategy is to prevent the damage altogether.”

Furthermore, the association has placed a significant emphasis on educating consumers about the importance of understanding proof of ownership in the realm of cryptocurrency. Boonsat stated, “When investors grasp the concept of proof of ownership, they gain insight into what truly requires safeguarding.”

Another notable concern raised is the lack of comprehension surrounding digital asset storage. Boonsat pointed out that customers need not solely rely on exchanges for storing digital assets. Investors must equip themselves with the necessary knowledge, awareness, and appropriate technology to ensure sustainable market growth.

“With improved understanding, I am confident that asset preservation will become more straightforward, thereby enhancing their security against hacking incidents.”

Thai’s Massive Crypto Scams

In a series of cryptocurrency-related arrests, Thai authorities apprehended five suspects in September 2023 in connection with a cryptocurrency scam. The extensive fraud scheme resulted in the loss of over $76 million for local investors.

The spokesperson for Thailand’s Cyber Crime division stated at the time that investment scams persistently cause turmoil in Thailand, necessitating regulatory intervention.

Scammers are employing ever-more sophisticated tactics, including directing users to deceptive URLs resembling government-owned websites, to gain access to cryptocurrency wallets.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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