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Crypto bet fraudster caught in Bangkok: $580 million stolen!
A Portuguese crypto-B fraudster has been arrested in Bangkok after stealing $580 million. Investigations are ongoing.
Crypto bet fraudster caught in Bangkok: $580 million stolen!
A 39-year-old Portuguese man, Pedro M., suspected of running a massive cryptocurrency and credit card fraud network, was arrested in Bangkok. Damage is estimated at an impressive $586 million, which is equivalent to more than 500 million euros. This information was provided by decrypt.co revealed after an eagle-eyed Portuguese journalist spotted Pedro in a luxury shopping mall and informed the authorities.
A five-hour operation ensued, with more than 10 plainclothes officers dispatched to the mall to arrest the suspect. Pedro M.'s identity was confirmed through facial recognition and biometric data. How cryptonews.net reported, Pedro M. had been living on a tourist visa since his arrival in Thailand in 2025 and swindled more than $30,800 from unsuspecting investors. Despite a previous arrest warrant, he was able to go into hiding for almost two years.
Fraud network with global entanglements
Pedro M.'s fraudulent activities spanned not only Thailand, but also Europe and the Philippines. The fraud operations included not only passport forgery, but also credit card fraud and cryptocurrency manipulation. It is suspected that he lured his victims with high returns on Bitcoin investments while moving the funds into offshore accounts. In the Interpol databases he is linked to Swiss bank accounts that are said to have managed more than 500 million euros, which further illustrates the dimensions of his network.
Thornton Brie, board member of the Thai Anti-Money Laundering and Anti-Terrorism Center, highlighted that Thailand has been aggressively cracking down on crypto-crime in recent years. Just in May, a 30-year-old Vietnamese woman was arrested for being involved in a scam that resulted in over 2,600 victims and losses of approximately $300 million. August also saw the arrest of a South Korean man suspected of laundering cryptocurrency for international criminals.
Victim support and prevention measures
Given the increasing number of fraud cases in the crypto space, it is important for Thailand to establish preventative measures. The surge in fraud activity has resulted in over 3,200 local investors being harmed, according to another report from algoine.com is reported. Five foreigners, including four from China and one from Laos, were arrested in an investment fraud case involving $27 million. Especially in these turbulent times, it is important for investors to be skeptical and to obtain comprehensive information before investing in the crypto market.
The Thai Securities and Exchange Commission has already introduced new regulations to better protect investors. It remains to be seen how successful these measures will be in protecting the population from similar scams.