Thai Police Nab 24 Chinese Citizens for Running Crypto Call Center Scam

Thailand’s immigration police busted a crypto-related call center scam in Bangkok, arresting 24 Chinese nationals.

According to the Chiang Rai Times, the members of the organized racket rented a house in the country’s capital city to run their dubious operation.

The members of the organized scam lured nationals in mainland China to trade digital currency on Huobi Global crypto exchange, per the Thai police statement released on Wednesday. This call center scam is believed to be running since March of this year.

Apart from the Chinese national, the police are also suspecting the involvement of Thai nationals; however, no arrests of any Thai citizens were made yet.

The report also detailed that the Thai police confiscated more than 500 mobile phones and dozens of computers from the house where the house from which the perpetrators were running the call center.

However, the police did not disclose any figure of losses associated with the scam.

The report also outlined that Thailand is one of the hotbeds of call center scams, which also involve stock market speculations.

China and crypto

Meanwhile, in China, the government banned all crypto trading platforms last year, along with initial coin offerings. The traders in the country found a loophole in the system to engage in digital asset trading - they buy USDT Stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term from over-the-counter (OTC) desks move them to exchanges to trade digital currencies.

Despite the government ban, multiple crypto businesses are operating in China illegally. The Schengen law enforcement recently identified 39 “illegal cryptocurrency” companies operating in the region.

Moreover, with hype over the Chinese adaptation of crypto after a speech by President Xi Jinping, the Chinese central bank had to come out, clarifying its stand over Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term and crypto and also revealed its intention to crack down on crypto trading.