An ongoing Thai police investigation has discovered that a surprisingly wide network of recipients benefited from a
Bitcoin
Bitcoin
Bitcoin is the world’s first digital currency that was created in 2009 by a mysterious entity named Satoshi Nakamoto. As a digital currency or cryptocurrency, Bitcoin operates without a central bank or single administrator. Instead, Bitcoin can be sent via a Peer-to-Peer (P2P) networking, devoid of intermediaries.Bitcoins are not issued or backed by any governments or banks, and Bitcoin is not considered to be legal tender, although they do have status as an acknowledged transfer of value in some jurisdictions. Rather than composing a physical currency, Bitcoins are pieces of code that can be sent and received across a kind of distributed ledger network called a blockchain. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called mining. In exchange for mining, the computers receive rewards in the form of new Bitcoins. Mining grows increasingly difficult over time, and the rewards get smaller and smaller. There is a total of 21 million Bitcoins. As of May 2020, there are 18.3 million Bitcoins in circulation. This number changes approximately every 10 minutes when new blocks are mined. Presently, each new block adds 12.5 bitcoins into circulation.Since its inception, Bitcoin has remained the most popular and largest cryptocurrency in terms of market cap in the world. Bitcoin’s popularity has contributed significantly to the release of thousands of other cryptocurrencies, called “altcoins.” While the crypto market was originally hegemonic, today’s landscape features countless altcoins.Bitcoin ControversyBitcoin has been extremely controversial since its original launch. Given its mercurial nature, Bitcoin has been criticized for its use in illegal transactions and money laundering.As its impossible to trace, these attributes make Bitcoin the ideal vehicle for illicit behavior. Moreover, critics point to its high electricity consumption for mining, rampant price volatility, and thefts from exchanges. Bitcoin has been seen as a speculative bubble given its lack of oversight. The crypto has weathered multiple collapses and survived over a decade so far. Unlike its launch back in 2009, Bitcoin today is viewed far differently and is much more accepted by merchants and other entities.
Bitcoin is the world’s first digital currency that was created in 2009 by a mysterious entity named Satoshi Nakamoto. As a digital currency or cryptocurrency, Bitcoin operates without a central bank or single administrator. Instead, Bitcoin can be sent via a Peer-to-Peer (P2P) networking, devoid of intermediaries.Bitcoins are not issued or backed by any governments or banks, and Bitcoin is not considered to be legal tender, although they do have status as an acknowledged transfer of value in some jurisdictions. Rather than composing a physical currency, Bitcoins are pieces of code that can be sent and received across a kind of distributed ledger network called a blockchain. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called mining. In exchange for mining, the computers receive rewards in the form of new Bitcoins. Mining grows increasingly difficult over time, and the rewards get smaller and smaller. There is a total of 21 million Bitcoins. As of May 2020, there are 18.3 million Bitcoins in circulation. This number changes approximately every 10 minutes when new blocks are mined. Presently, each new block adds 12.5 bitcoins into circulation.Since its inception, Bitcoin has remained the most popular and largest cryptocurrency in terms of market cap in the world. Bitcoin’s popularity has contributed significantly to the release of thousands of other cryptocurrencies, called “altcoins.” While the crypto market was originally hegemonic, today’s landscape features countless altcoins.Bitcoin ControversyBitcoin has been extremely controversial since its original launch. Given its mercurial nature, Bitcoin has been criticized for its use in illegal transactions and money laundering.As its impossible to trace, these attributes make Bitcoin the ideal vehicle for illicit behavior. Moreover, critics point to its high electricity consumption for mining, rampant price volatility, and thefts from exchanges. Bitcoin has been seen as a speculative bubble given its lack of oversight. The crypto has weathered multiple collapses and survived over a decade so far. Unlike its launch back in 2009, Bitcoin today is viewed far differently and is much more accepted by merchants and other entities.
Read this Term scam.
The Bitcoin was taken under false pretences from a Finnish man and his Thai business partner and disseminated to, amongst others, a local movie star, and a few local banks.
$35 million opportunity
According to The Bangkok Post, a Thai criminal gang told a 22-year old Finnish national (Aarni Otava Saarimaa) and a Thai businesswoman (Chonnikan Kaeosali) that 'Dragon Coins' can be used to invest in local companies and casinos, so they bought $35 million worth of them. They paid for them with 5,564.4 bitcoins, to be more precise.
However, no investments were actually made. Instead, the BTC was converted to 797 million Thai baht, which was distributed as follows:
- 21 million ($63,1008) went to Jiratpisit “Boom” Jaravijit, the aforementioned actor. He has been arrested and charged with money laundering.
- 140 million ($4,206,720) went to Jiratpisit's older sister Suphitcha, who denies any knowledge of the scam. She was arrested and released on bail.
- 111 million ($3,335,328) went to Jiratpisit's older brother Prinya. Jiratpisit and Suphitcha are blaming him for the whole thing, and he has fled to the US.
- 90 million ($2,704,320) was given to the siblings' mother, who then transferred 40 million to their father. Their home has been searched and their accounts frozen.
- 66.5 million ($1,998,192) was claimed by a Stock Exchange of Thailand investor named Prasit Srisuwan. Reportedly, he told Saarimaa and Kaeosali that he would buy shares on their behalf, but the victims claim theft. Srisuwan is attempting to buy back the shares and return the money to avoid prosecution.
In addition to these individuals, three Thai banks (Bangkok Bank, Siam Commercial Bank, and Kasikornbank) have been found to have processed some of the money. Employees are required by law to report all transfers of 2 million baht and over, but employees at these institutions failed to do so.
Thailand's Crime Suppression Division is currently gathering evidence to seek warrants for the arrest of six more people.
Win big in Macau
The scam revolved around a cryptocurrency called Dragon Coin.
According to its website, Dragon Coin is an
Ethereum
Ethereum
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project's smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project's smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).
Read this Term-based token designed for use in the casino sector. Specifically, it is meant to be used in junkets, which are private rooms in a casino where VIP guests gamble for high stakes. According to the white paper, a major junket in Macau can turn over $250 million a day, but the hosts have to pay fees of up to 7 percent to stake money against the gamblers.
Dragon Corp. proposes that fiat money be converted to DRG to solve this problem. The tokens can also be used as chips, which are called Dragon Global Chips, or DGC.
Macau is a special administrative region of China. The white paper says that it is the world's largest casino system, with winnings of $30 billion in 2017 compared to the $11 billion won in Nevada casinos in 2016.
After it became clear that they had been had, the victims reported the theft to the CSD. "This is a case which can be settled," said CSD chief Pol Maj Gen Maitree.
Cryptocurrency in Thailand
In contrast to what has happened/is happening in many other countries, the Thai government approached the newly emerging industry in a calm and logical fashion. It quickly understood that the entrance of cryptocurrency was inevitable, but temporarily blocked national banks from doing businesses with cryptocurrency while it worked out regulations.
That happened in February. By March, a tax framework and other regulations were ready, and now cryptocurrency in Thailand is legal and regulated.
An ongoing Thai police investigation has discovered that a surprisingly wide network of recipients benefited from a
Bitcoin
Bitcoin
Bitcoin is the world’s first digital currency that was created in 2009 by a mysterious entity named Satoshi Nakamoto. As a digital currency or cryptocurrency, Bitcoin operates without a central bank or single administrator. Instead, Bitcoin can be sent via a Peer-to-Peer (P2P) networking, devoid of intermediaries.Bitcoins are not issued or backed by any governments or banks, and Bitcoin is not considered to be legal tender, although they do have status as an acknowledged transfer of value in some jurisdictions. Rather than composing a physical currency, Bitcoins are pieces of code that can be sent and received across a kind of distributed ledger network called a blockchain. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called mining. In exchange for mining, the computers receive rewards in the form of new Bitcoins. Mining grows increasingly difficult over time, and the rewards get smaller and smaller. There is a total of 21 million Bitcoins. As of May 2020, there are 18.3 million Bitcoins in circulation. This number changes approximately every 10 minutes when new blocks are mined. Presently, each new block adds 12.5 bitcoins into circulation.Since its inception, Bitcoin has remained the most popular and largest cryptocurrency in terms of market cap in the world. Bitcoin’s popularity has contributed significantly to the release of thousands of other cryptocurrencies, called “altcoins.” While the crypto market was originally hegemonic, today’s landscape features countless altcoins.Bitcoin ControversyBitcoin has been extremely controversial since its original launch. Given its mercurial nature, Bitcoin has been criticized for its use in illegal transactions and money laundering.As its impossible to trace, these attributes make Bitcoin the ideal vehicle for illicit behavior. Moreover, critics point to its high electricity consumption for mining, rampant price volatility, and thefts from exchanges. Bitcoin has been seen as a speculative bubble given its lack of oversight. The crypto has weathered multiple collapses and survived over a decade so far. Unlike its launch back in 2009, Bitcoin today is viewed far differently and is much more accepted by merchants and other entities.
Bitcoin is the world’s first digital currency that was created in 2009 by a mysterious entity named Satoshi Nakamoto. As a digital currency or cryptocurrency, Bitcoin operates without a central bank or single administrator. Instead, Bitcoin can be sent via a Peer-to-Peer (P2P) networking, devoid of intermediaries.Bitcoins are not issued or backed by any governments or banks, and Bitcoin is not considered to be legal tender, although they do have status as an acknowledged transfer of value in some jurisdictions. Rather than composing a physical currency, Bitcoins are pieces of code that can be sent and received across a kind of distributed ledger network called a blockchain. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called mining. In exchange for mining, the computers receive rewards in the form of new Bitcoins. Mining grows increasingly difficult over time, and the rewards get smaller and smaller. There is a total of 21 million Bitcoins. As of May 2020, there are 18.3 million Bitcoins in circulation. This number changes approximately every 10 minutes when new blocks are mined. Presently, each new block adds 12.5 bitcoins into circulation.Since its inception, Bitcoin has remained the most popular and largest cryptocurrency in terms of market cap in the world. Bitcoin’s popularity has contributed significantly to the release of thousands of other cryptocurrencies, called “altcoins.” While the crypto market was originally hegemonic, today’s landscape features countless altcoins.Bitcoin ControversyBitcoin has been extremely controversial since its original launch. Given its mercurial nature, Bitcoin has been criticized for its use in illegal transactions and money laundering.As its impossible to trace, these attributes make Bitcoin the ideal vehicle for illicit behavior. Moreover, critics point to its high electricity consumption for mining, rampant price volatility, and thefts from exchanges. Bitcoin has been seen as a speculative bubble given its lack of oversight. The crypto has weathered multiple collapses and survived over a decade so far. Unlike its launch back in 2009, Bitcoin today is viewed far differently and is much more accepted by merchants and other entities.
Read this Term scam.
The Bitcoin was taken under false pretences from a Finnish man and his Thai business partner and disseminated to, amongst others, a local movie star, and a few local banks.
$35 million opportunity
According to The Bangkok Post, a Thai criminal gang told a 22-year old Finnish national (Aarni Otava Saarimaa) and a Thai businesswoman (Chonnikan Kaeosali) that 'Dragon Coins' can be used to invest in local companies and casinos, so they bought $35 million worth of them. They paid for them with 5,564.4 bitcoins, to be more precise.
However, no investments were actually made. Instead, the BTC was converted to 797 million Thai baht, which was distributed as follows:
- 21 million ($63,1008) went to Jiratpisit “Boom” Jaravijit, the aforementioned actor. He has been arrested and charged with money laundering.
- 140 million ($4,206,720) went to Jiratpisit's older sister Suphitcha, who denies any knowledge of the scam. She was arrested and released on bail.
- 111 million ($3,335,328) went to Jiratpisit's older brother Prinya. Jiratpisit and Suphitcha are blaming him for the whole thing, and he has fled to the US.
- 90 million ($2,704,320) was given to the siblings' mother, who then transferred 40 million to their father. Their home has been searched and their accounts frozen.
- 66.5 million ($1,998,192) was claimed by a Stock Exchange of Thailand investor named Prasit Srisuwan. Reportedly, he told Saarimaa and Kaeosali that he would buy shares on their behalf, but the victims claim theft. Srisuwan is attempting to buy back the shares and return the money to avoid prosecution.
In addition to these individuals, three Thai banks (Bangkok Bank, Siam Commercial Bank, and Kasikornbank) have been found to have processed some of the money. Employees are required by law to report all transfers of 2 million baht and over, but employees at these institutions failed to do so.
Thailand's Crime Suppression Division is currently gathering evidence to seek warrants for the arrest of six more people.
Win big in Macau
The scam revolved around a cryptocurrency called Dragon Coin.
According to its website, Dragon Coin is an
Ethereum
Ethereum
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project's smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project's smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).
Read this Term-based token designed for use in the casino sector. Specifically, it is meant to be used in junkets, which are private rooms in a casino where VIP guests gamble for high stakes. According to the white paper, a major junket in Macau can turn over $250 million a day, but the hosts have to pay fees of up to 7 percent to stake money against the gamblers.
Dragon Corp. proposes that fiat money be converted to DRG to solve this problem. The tokens can also be used as chips, which are called Dragon Global Chips, or DGC.
Macau is a special administrative region of China. The white paper says that it is the world's largest casino system, with winnings of $30 billion in 2017 compared to the $11 billion won in Nevada casinos in 2016.
After it became clear that they had been had, the victims reported the theft to the CSD. "This is a case which can be settled," said CSD chief Pol Maj Gen Maitree.
Cryptocurrency in Thailand
In contrast to what has happened/is happening in many other countries, the Thai government approached the newly emerging industry in a calm and logical fashion. It quickly understood that the entrance of cryptocurrency was inevitable, but temporarily blocked national banks from doing businesses with cryptocurrency while it worked out regulations.
That happened in February. By March, a tax framework and other regulations were ready, and now cryptocurrency in Thailand is legal and regulated.
