Thai authority receives complaints for alleged scam by Cryptomining.farm

23 Feb, 2019 | Updated: 23 Feb, 2019
by Fifi Arisandi
Mining
Thai authority receives complaints for alleged scam by Cryptomining.farm

Thailand cybercrime division receives complaints from alleged victims of Cryptomining.farm.

Another day, another sad story for the crypto mining business. Thailand authorities just received a formal complaint against Cryptomining.farm from 30 alleged victims.

The victims accused the mining company, who has been in the business of offering mining contracts since 2014 of scamming them for a staggering amount of $1.34 million (42 million THB).

According to Coinwire, the company promoted a 70% annual ROI guarantee for any investments made on Cryptomining.farm. Several videos of some of “successful investors” can also be found on YouTube, which were possibly used as part of the promotional activities.

The marketing technique seemed to work as the 30 alleged victims decided to throw in some funds to purchase some contracts from Cryptomining.farm.

Aside from the videos, the newbie crypto investors admitted that the company’s registration number and seemingly legit address written on the website also impacted their investment decision.

So, the story went. At first, there was no limit in withdrawals, which was then changed by Cryptomining.farm after a certain period.

According to one disappointed investor, “From August [2018] the owner began imposing conditions for withdrawing the money. Then at the start of this month [February 2019], the site announced it would start paying back investors in 84 installments which would take over seven years to complete. The payments were supposed to be made in foreign currencies [which] is not permitted by Thai laws.”

The Technology Crime Suppression Division (TCSD) predicts that as many as 140 people may have fallen victim to the mining company, although there were only 30 people who filed the complaint.

The story of fallen crypto mining businesses is actually nothing new. Even the big player, like Bitmain also got hit hard by the extended bear market. The recent report even said the company's crypto holding is down by 90%, as stated by an anonymous insider. 

Read more: An insider with Bitmain says its crypto holdings are down over 90%

That said, the crypto market in the last couple of days has been quite promising. Will it lead to a better future for the mining businesses? Only time will tell and Chepicap will be there to keep you updated along the way. Stay tuned!

WATCH: Elon Musk reveals Bitcoin holdings!!! Why isn't he buying MORE?!

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Add a comment

The cyber-crime division has to work hard to get rid of all scams. Poloniex needs revision as well
23 Feb, 2019 - 04:39
Living in a modern world it is hard to escape from the cybercrime as there always will be groups of hackers trying to steal your info or money . The only thing people can do is to strengthen security all the time
23 Feb, 2019 - 11:39
23 Feb, 2019 - 11:40
I am one of the investor in cryptominingfarm.io .
This company promise me to give 70% of my investment but it's totally I lost my money this company is no longer pay. I invested 200,000 Philippine money (pesos). I wish this company will refund my money without any hard time.
25 Feb, 2019 - 14:26

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