Thailand threatens Facebook over crypto scams and other fraudulent ads

Thailand is readying to question a court-issued shutdown bid against Facebook unless it takes steps to woody with alleged concern and crypto scam ads connected its platform.

On Aug. 21, the Ministry of Digital Economy and Society (MDES) stated implicit 200,000 radical had been duped by Facebook ads that touted crypto scams, investing successful fake businesses and faked authorities agencies specified arsenic the Securities and Exchange Commission.

Popular tactics utilized by the scammers included crypto concern and trading scams, MDES claimed. Some ads besides allegedly utilized images of celebrities and well-known fiscal figures on with promises of up to 30% regular returns to lure radical into the schemes.

MDES Minister Chaiwut Thanakamanusorn said the ministry had been successful talks with and sent a missive to the Meta-owned level implicit the contented but claimed it's failing to surface advertisers.

Chaiwut Thanakamanusorn astatine an Aug. 21 property league regarding the ministry’s planned tribunal enactment against Facebook. Source: MDES

The ministry is presently gathering grounds of the scam ads which it said numbered implicit 5,300 — astatine the extremity of the month, it’s acceptable to inquire a tribunal to unopen down Facebook wrong 7 days.

Related: Hong Kong’s crypto stance: Execs measurement successful connected Web3 successful the region

The ministry warned connected however specified scams typically run saying consumers should beryllium wary of promises of precocious and guaranteed returns on with ads utilizing images of well-known figures.

Investments that unit oregon springiness incentives to rapidly put with constricted offers should besides beryllium approached with caution arsenic good arsenic businesses oregon platforms with nary verifiable information.

Cointelegraph contacted Meta but did not instantly person a response.

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