Thailand's digital minister has issued a stern warning to Facebook, announcing plans to secure a court-ordered shutdown of the platform in the country if it fails to address the proliferation of fraudulent investment and crypto scam advertisements.

The Ministry of Digital Economy and Society revealed that more than 200,000 individuals fell victim to deceptive Facebook ads promoting crypto scams, counterfeit businesses, and even fake government entities like the Securities and Exchange Commission.

The scams, which encompassed crypto investment and trading schemes, often exploited the allure of celebrity endorsements and prominent financial personalities, enticing victims with promises of staggering daily returns of up to 30%.

Minister Chaiwut Thanakamanusorn disclosed that despite the ministry's attempts to engage with the platform, owned by Meta, Facebook was neglecting to properly vet its advertisers.

In response, the ministry is diligently amassing evidence of the scam advertisements, which have surpassed 5,300 in number. By the close of the month, they intend to petition the court to enact a shutdown of Facebook within a mere seven days.

The ministry's advisory cautions consumers against falling prey to the classic tactics of such scams. Vigilance is urged against guarantees of unrealistically high returns and the use of celebrity images. Additionally, individuals are advised to exercise caution with investments that exert pressure for swift participation based on limited-time offers and to approach businesses and platforms devoid of verifiable credentials with skepticism.


(JESSE COGHLAN, CoinTelegraph, 2023)