Thailand is reportedly considering pursuing a court order to force the shutdown of Facebook unless the social media giant takes effective measures to combat alleged cryptocurrency and investment scam advertisements on its platform.
The Ministry of Digital Economy and Society (MDES) revealed on August 21 that over 200,000 individuals fell victim to fraudulent Facebook ads promoting cryptocurrency-related scams, false investment opportunities, and fictitious government agencies like the US Securities and Exchange Commission.
The scams primarily involved fraudulent cryptocurrency investment and trading schemes, with scammers employing various tactics. Some of these advertisements featured images of celebrities and prominent financial figures, promising daily returns as high as 30% to lure victims into their deceptive schemes.
Chaiwut Thanakamanusorn, the MDES Minister, stated that his ministry had engaged in discussions with Facebook's parent company, Meta, about this issue and sent a letter concerning the matter. However, he accused that the platform had failed to effectively screen its advertisers. The MDES is currently in the process of collecting evidence regarding these scam ads, which are said to exceed 5,300 in number. By the end of the month, the ministry is reportedly planning to approach the court with a request to shut down Facebook within a seven-day timeframe.
In response to these fraudulent activities, the ministry issued a warning to the public, advising them to exercise caution when encountering advertisements that promise unusually high and guaranteed returns or utilize images of well-known individuals. Additionally, the ministry urged individuals to be vigorous about investments that exert pressure or offer limited-time opportunities and to be wary of businesses or platforms that lack verifiable information.
