• Thailand has threatened Facebook with a potential shutdown due to rising crypto scams and misleading ads.
• The Ministry of Digital Economy and Society (DES) has collected evidence of over 5,300 fraudulent ads.
• DES is pushing for Facebook’s immediate suspension and advises the public to be cautious of ads featuring celebrities promising huge returns.
Thailand Threatens Facebook Shutdown Over Crypto Scams
Thailand’s Minister of Digital Economy and Society (DES), Mr. Chaiwut Thanakmanusorn, has threatened Facebook with a potential shutdown due to the rise in cryptocurrency scams and misleading advertisements on the platform. The DES plans to present its findings in Thai court, advocating for the platform’s suspension unless prompt corrective actions are made.
Number of Victims
The ministry revealed that over 200,000 individuals have been duped by scams on Facebook’s advertising network. These scams include fake cryptocurrency investments and counterfeit enterprises, often featuring endorsements from celebrities to mislead the public. This has led to a financial loss of roughly 100,000 million baht for Thai residents.
Despite ongoing dialogue with Facebook’s parent company, Meta, Minister Chaiwut has criticized the platform for not effectively curbing misleading ads. The DES has collected evidence of over 5,300 fraudulent ads and intends to present the case in court soon, pushing for Facebook’s immediate suspension.
Advice from DES
The government agency advises the public to be cautious of ads featuring celebrities promising huge returns and to be skeptical of unsubstantiated claims and high-pressure sales tactics.
With increasing crypto scams taking advantage of unsuspecting victims via social media platforms like Facebook, it is important for users to remain vigilant when presented with suspicious offers or deals online – no matter how tempting they may seem!