Thailand threatens Facebook over crypto scams and other fraudulent ads

Thailand is preparing to look for a court-issued shutdown order against Facebook unless it takes steps to handle supposed investment and crypto scam ads on its platform.On Aug. 21, the Ministry of Digital Economy and Society (MDES) mentioned over 200,000 individuals had actually been duped by Facebook ads that touted crypto rip-offs, buying fake companies and fabricated government agencies such as the Securities and Exchange Commission.Popular methods utilized by the fraudsters included crypto investment and trading scams, MDES claimed. Some advertisements also supposedly utilized images of celebs and popular financial figures along with guarantees of up to 30% day-to-day go back to draw people into the schemes.MDES Minister Chaiwut Thanakamanusorn stated the ministry had been in talks with and sent out a letter to the Meta-owned platform over the problem but declared its failing to evaluate advertisers.Chaiwut Thanakamanusorn at an Aug. 21 interview relating to the ministrys planned court action versus Facebook. Source: MDESThe ministry is presently collecting evidence of the fraud advertisements which it said numbered over 5,300– at the end of the month, its ready to ask a court to shut down Facebook within seven days.Related: Hong Kongs crypto stance: Execs weigh in on Web3 in the regionThe ministry cautioned on how such rip-offs normally run stating customers should watch out for promises of guaranteed and high returns along with ads using pictures of popular figures.Investments that pressure or provide incentives to quickly invest with limited deals ought to also be approached with caution as well as services or platforms with no verifiable information.Cointelegraph called Meta however did not immediately receive a response.Magazine: Web3 Gamer: GTA 6 crypto rumors, Dr Who/Sandbox, Thai tourist NFTs evaluate