Picture: Sanook

 

Representatives of 744 people went to Thailand's tech police yesterday to file complaints against Zipmex Pte Ltd, a crypto trader based in Singapore.

 

The victims claim that unbeknownst to them their assets were spirited out of Thailand at the close of trading last Wednesday and invested elsewhere.

 

Phatraset Phromsawat, one of the victims, said this was done secretly but had now reached the attention of investors who were unable to trade in Bitcoin.

 

There are fears that 611 million baht has gone missing. 

 

The company bills itself as "South East Asia's favorite crypto app" with no fancy terms adding:

 

"Who said crypto has to be difficult?"

 

However their website warns that prospective users aren't protected as the company isn't licenced by monetary regulators in Singapore, according to information available online.

 

The tech police promised to investigate and talk to the company to see if a crime has in fact been committed, reoported Sanook.

 

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A fool and his money is soon parted as the saying goes

51 minutes ago, Excel said:

A fool and his money is soon parted as the saying goes

That would seem to apply to a very large number of Crypto currency "investors"!

Just now, DezLez said:

That would seem to apply to a very large number of Crypto currency "investors"!

Indeed

"Zipmex".... maybe Thais are not familiar with slang use of "zip" meaning "nothing". Like Man U beat Liverpool four zip.

20 hours ago, webfact said:

However their website warns that prospective users aren't protected as the company isn't licenced by monetary regulators in Singapore, according to information available online.

Nuff said.