Thailand's Ministry of Digital Economy and Society (MDES) is threatening to take legal action to shut down Facebook if the platform doesn't address the issue of fraudulent ads related to crypto and investment scams. On August 21, MDES revealed that over 200,000 people have fallen victim to scams advertised on Facebook, which included fake cryptocurrency investment opportunities and bogus businesses, as well as impersonations of government agencies like the Securities and Exchange Commission.
Scammers have been using various tactics, including advertising crypto investments with promises of daily returns as high as 30%. These ads often feature images of celebrities and financial experts to lure people in. MDES Minister Chaiwut Thanakamanusorn mentioned that the ministry had reached out to Meta, the company that owns Facebook, about
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First found on: Thailand threatens Meta over crypto scams
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