Purported Crypto Cloud Mining Ponzi Reported to Thai Police, 140 Victims Allegedly Scammed Out of $1.3 Million

Thirty people in Bangkok filed complaints with Thailand's Technology Crime Suppression Division after they were allegedly scammed by cryptocurrency cloud mining company CryptoMining.

A total of 140 victims were allegedly scammed out of more than $1.3 million.

The allegations state that the investors were swindled out of 42 million Baht-about $1.34 million.

These forty complaints are part of a suspected group of 140 people who fell victim to the purported scheme.

Cloud mining Ponzi schemes are prevalent in the cryptocurrency ecosystem and continue to lure in victims with promises of high guaranteed returns, despite warnings from regulators and vocal crypto community members.

Earlier this month, the Texas State Securities Board, released a report showing that it entered 16 administrative orders, involving a total of 60 individuals and entities, associated with alleged cryptocurrency scams including cloud mining schemes.

"Some international cryptocurrency promoters even found sales agents in the oil patch. According to a Nov. 6 emergency action taken against an Australian promoter of cryptocurrency mining contracts, the firm's sales agents included members of the West Texas Oilfield Cloud Miners Club in Midland," the report concluded.

The TSSB is the same organization that took down high-profile cryptocurrency Ponzi scheme, BitConnect.

Regulators have started to crack down on these scams.

These scams prey on people's greed; If it's too good to be true, especially in the cryptocurrency world, then be on alert for fraud.