Thirty people have filed a complaint with the police after they were duped into investing in "CryptoMining.Farm", a blockchain-mining website, which allegedly resulted in losses of 42 million baht.
The complainants are among 140 people the police believe have fallen victim to the latest bitcoin-related scandal.
The victims lodged an official complaint with the Technology Crime Suppression Division on Monday.
The website is believed to be operated by Lifetime Technology Co Ltd, which according to the complaint is owned by Pimongkol Tawpibarn.
One of the victims, who declined to be named, said he was introduced to the site by an acquaintance who urged him to sign up in 2017.
The site's owner promised a guaranteed return of 70% a year, he said. Investors who joined then entered into contracts with the company, which stipulated they could withdraw their money at any time, without any conditions.
The site offers a range of blockchain mining contracts ranging from three months to lifetime compacts.
"But from August the owner began imposing conditions for withdrawing the money," the victim claimed. "Then at the start of this month, the site announced it would start paying back investors in 84 instalments -- which would take over seven years to complete."
The payments were supposed to be made in foreign currencies not legally permitted by Thai laws, the victim added.
Tewin Kunarattanawat, another victim, said he checked the website for assurances before investing.
"CryptoMining.Farm" listed an office in Bangkok and another in Chiang Mai, which led many investors to think the company was a legitimate operation, he said.