Tag Archives: Thailand

Thailand’s law authorities recently raided a house occupied by a company running Bitcoin mining operations. According to the South China Morning Post’s coverage, the illegally operated Bitcoin mining activities triggered frequent power outages in the vicinity for over a month. Illegal Bitcoin Mining Operations Bitcoin, the leading cryptocurrency, uses a proof-of-work (PoW) consensus mechanism. This entails that transactions are added to the blockchain through the mining...

Police are actively searching for four Chinese nationals believed to have broken into a luxury home in Pathum Thani, one of the central provinces of Thailand, and forced the resident to transfer $2 million (70 million baht) in crypto assets. The break-in took place around 2 AM on Wednesday in Tambon Ban Mai in the Muang district. Crypto Heist According to police reports, six residents, including three men and three women, occupied the house at the time of the incident. Ke...

Thailand’s Securities and Exchange Commission (SEC) has changed its regulations, permitting the creation of private funds that invest in spot Bitcoin exchange-traded funds (ETFs) traded on U.S. exchanges. However, this opportunity is limited to institutional investors and high-net-worth individuals. SEC Amends Spot Bitcoin ETF Rules SEC Secretary-General Pornanong Budsaratragoon disclosed that the decision was reached during last week’s board meeting. The approval grants...

Thailand’s Securities and Exchange Commission (SEC) has ordered cryptocurrency exchange Zipmex to suspend its trading and brokerage services temporarily. According to an official announcement, Zipmex’s services will remain suspended for 15 days until the firm fixes its financial position and operational issues. Zipmex Ordered to Halt Services The SEC revealed that it issued a letter on January 12 ordering Zipmex to amend the maintenance of its net liquid capital, bring it up...

A dispute over Bitcoin investments took a tragic turn when a 35-year-old husband, Kritsada, shot his 31-year-old wife, Pitsamai, leading to a six-hour standoff with the police. The incident unfolded in the Uthai district of Ayutthaya province. Husband’s Bitcoin Loss Leads to Tragedy The incident began when Kritsada, agitated by a loss of 700,000 baht (around $19,500) in Bitcoin investments, confronted his wife, leading to a dispute. The tension escalated to a point where...

The government of Thailand voted in favor of Srettha Thavisin (candidate of the Pheu Thai Party) to become the country’s next Prime Minister. The 61-year-old has interacted with the cryptocurrency industry since the company he was in charge of was an active investor in the digital asset investment management firm XSpring Capital. Thailand has been quite hesitant regarding how to approach the sector over the years., which could change under the rule of the new leader. A...

Thailand’s Minister of Digital Economy and Society (DES) said he might propose to the court to close Meta (previously known as Facebook) to aid the investing of financial scams, including such involving cryptocurrencies.  According to him, some fraudsters use the social media platform to sponsor their fraudulent schemes and thus con victims. No More Meta for Thais? The Ministry of Digital Economy and Society of Thailand has detected that scammers publish fake ads on popular...

Zipmex’s rescue plan could face some challenges as the crypto exchange’s investor is now asking to pay a fraction of its debt, as against the pledge to make a 100% payment. The distressed company is, meanwhile, planning to further extend its creditor protection to seek out new investors. Buyout Proposal for Zipmex Takes a New Turn Zipmex’s investor is proposing to pay the Thai crypto exchange’s creditors about 10 to 20 percent of the amount owed to them, as stated in a letter...

Thailand’s main opposition party is promising an airdrop of about 500 billion baht (around $15 billion) in cash within months of its coming to power. The party official said that the move is expected to help recover the country’s struggling economy and provide relief to those battling “neck-deep debt.” According to a Bloomberg report, a Pheu Thai-led government plans to distribute 10,000 baht each to about 55 million citizens who are 16 years and above if it wins the general...

Singapore’s lower division of the Supreme Court approved Zipmex’s pre-packaged plan to restructure some of its operations and thus enable customers to receive portions of their deposits. The Thai-based crypto exchange suspended clients’ withdrawals in July last year, citing volatile market conditions. It could not cope with the issues and filed for bankruptcy protection shortly after. Zipmex announced in a recent blog post that the Singapore High Court allowed the creation of...