Crypto Price Surge Could Attract Fraudsters: Thai Digital Asset Association

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Sujha Sundararajan

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Sujha Sundararajan

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March 18, 2024 18:29 EDT

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Thailand Digital Asset Association has warned Thai users that the recent crypto price uptrend could potentially attract hackers. The association which comprise of a network of blockchain evangelists, aims to create awareness among citizens on the dark side of crypto-asset bubble.

According to Suppakrit Boonsat, founder of Bitcast and the association’s director, despite the crypto price increase, the cost of carrying out a theft remain unchanged, attracting fraudsters.

“Everyone expects the cryptocurrency market to be on a bull run this year, thanks mainly to the launch of spot Bitcoin exchanged-traded funds and the halving of Bitcoin.”

The caution comes as Thailand witnessed a staggering 867 billion baht ($24.2 billion) loss in crypto hacks last year. Further, according to association members, the problematic nature of storing cryptocurrencies has delayed Thailand’s crypto development.

“If an asset is stolen, the money cannot be recovered. The cheapest and most effective tactic is to prevent the damage from occurring,” Boonsat added.

Additionally, the association prioritized educating customers on understanding proof of crypto ownership. “If investors understand proof of ownership, they will know what they really need to protect.”

Another potential drawback highlighted is the lack of understanding digital asset storage. Customers don’t have to rely on an exchange for storage of digital assets, he noted. Investors must have the knowledge, awareness and the use of appropriate technology to make market growth sustainable.

“With better understanding, I believe preserving assets will be easy and they will be safer from hacking.”

Thai’s Massive Crypto Scams

In a string of cryptocurrency-related arrest, Thai authorities in September 2023 nabbed 5 suspects in connection with a crypto scam. The massive fraud fleeced over $76 million from local investors.

Thailand’s Cyber Crime spokesperson said at the time that investment schemes continue to wreak havoc in Thailand, prompting regulatory action.

Scammers are becoming increasingly sophisticated and have targeted users through deceptive government-owned website URLs to access crypto  wallets.