A Thai billionaire, Worawat Narknawdee, is being sought by police following complaints from over 30 Thai investors. They claim to have been deceived into cryptocurrency investments, resulting in losses estimated at around Bt1.3 billion. Authorities suspect the investor, who reportedly holds 11,000 Bitcoins and has investments in the UAE, has fled the country.
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Worawat, once the lead singer of the rock band “DoubleDeep,” has been under investigation before. In March 2023, the Securities and Exchange Commission accused him of running “1000X Limited” without proper authorization, breaching the Digital Assets Business Act. Known as "Acme Traderist," Worawat established “Traderist” to educate the public on crypto investments.
Despite his celebrity status and success in digital assets, recent investigations have revealed financial troubles. The Department of Business Development indicated that his fintech company, Bitnance, is 99.97% owned by him but has suffered losses of approximately Bt30 billion. Similarly, his media company, Great Begins, holds about Bt5.8 billion in debt.
Experts say Worawat leveraged his public image to build trust but may have concealed financial difficulties. The case raises concerns about transparency and regulation in the cryptocurrency market. Authorities believe he is currently in the UAE, where he has substantial fintech and real estate investments.
Investors and regulators are now focused on potential recovery of lost funds and future regulatory measures. The case underscores the importance of due diligence and regulation in the volatile world of cryptocurrency investments, reported Thai PBS.
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Adapted by ASEAN Now · Thai PBS · 11 Mar 2026