Image Credits: CryptoAvanza
- Thailand’s government is requesting the court to shut down Facebook due to allegations of promoting fake investment scams.
- Facebook has deceived over 200,000 people with fraudulent crypto schemes, falsely promising daily profits of up to 30%.
Reports suggest that the Thai government is making moves to ask the court to shut down Facebook, the popular social media platform owned by Mark Zuckerberg, within the country’s borders. The reason behind this initiative is Facebook’s alleged involvement in promoting fake investment scams through advertisements. In a meeting held on August 21, Chaiwut Thanakmanusorn, who is the Minister of Digital Economy and Society (MDES), along with other key members of the ministry, discussed the security concerns related to Facebook. It’s claimed that the platform deceived over 200,000 people with fraudulent crypto schemes.
The issue at hand points to Facebook’s role in enabling misleading advertisements that enticed people into investing in phony businesses and schemes. These scams, revolving around crypto trading, falsely promised daily profits of up to 30%. The scammers even used images of well-known personalities to lure unsuspecting victims. The losses incurred due to these scams reportedly amount to a staggering 10 billion Thai Baht. Minister Chaiwut expressed his frustration by stating:
“Thai authorities have repeatedly approached Facebook about this problem, urging them to filter out fake ads from their platform. Unfortunately, their assistance in tackling these scams has been insufficient.”
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In light of the urgency of the situation, the ministry is actively investigating the evidence related to these scam advertisements. According to the available information, there are over 5,300 advertisements under scrutiny.
During a press briefing, the ministry emphasized its decision to move ahead with its plan to involve the court if Facebook doesn’t take steps to address the issue within seven days. Minister Chaiwut made it clear, saying, “If Facebook wants to continue operating in Thailand, it needs to show more accountability in this matter.”
