Thailand is on the International Crypto Scammers’ Radar – This is how to avoid them!

Thailand is on the International Crypto Scammers’ Radar – This is how to avoid them!

Have you ever tried putting out uncovered somtam on the counter? When you did, did you see the number of pests & flies the tasty snack attracts? This same rule applies to the whole universe; all unprotected entities are subject to threats from multiple outside forces. In recent times Thailand has featured on the International Crypto Scammers Radar, with multiple scams being reported daily.

Miss Kanthamanee Intaphong, a legal consultant at Wanda Exchange – The Largest Crypto Payment Service Providers in Thailand, recently shared some deep insights on the topic.

According to Wanda Exchange, “Crypto” as a mode of payment is the most efficient financial tool ever created. With Thailand being one of the early adopters and new people joining the ecosystem every day, scams are very common, which Miss Intaphong believes by the “lack of crypto-knowledge”. However, crypto as a mode of payment is the most transparent financial system ever created and can prove to be a “boom” to the Thai Economy if we harness its power wisely.

Adding further details to the issue Miss Intaphong said: “Crypto is the future, but only when we bring crypto-literacy to the people.” Therefore, keeping the Public Interest in mind, the Bangkok Post in collaboration with Wanda Exchange presents the “Crypto Education” series. A programme aimed at spreading crypto- knowledge among the Thai public, so that Thailand can become one of the biggest beneficiaries of the crypto revolution. 

 In the first part of this series, Miss Intaphong will educate you about common Crypto scams and some simple tricks to avoid them.


Crypto Scammers these days are organised professional criminal scamming groups, who appear to be genuine operators but end up stealing your money. With knowledge of these scams and by following a few simple rules you can avoid all of the crypto cons and stay ahead of the scammers.

1. The Friendly Catfish Scam

These are the most common type of scams that take place, not just in crypto, but across every kind of financial infrastructure ever made. In this approach, a scammer tries to befriend you, out of nowhere, on social media or other platforms and asks you to invest in a scheme, promising you unbelievable results. With Thai people being friendly and innocent in nature they often fall prey to these scams and are thus an easy target for criminals. So never trust anyone whom you meet over social media and be extra careful when it’s related to money!

Lesson #1 - Your crypto belongs to you only when it’s in a wallet where you have control of the recovery seeds. Never disclose your recovery seeds to anyone but your closest trusted family members or associates.

2. Influencer Scams

These kinds of scams, where a scammer tries to convince you that he or she is a famous influencer you already follow, have been reported in increasingly large numbers in recent years. And, as soon as you start to believe them, they ask you to transfer your crypto to them, promising big gains in a short amount of time. However, as soon as you transfer your crypto to them you realise that you have been scammed.

Lesson #2 - No strangers or people whom you follow online “Influencers” will contact you with promises of investment opportunities involving unrealistic monetary returns.

3. The “Big Investor” Scam

These kinds of scams, where a scammer pretends to be a large investor and tries to trick a company out of money as they do so, are very common to businesses. There is no harm in receiving investments in crypto, indeed there are thousands of crypto investments being made every day through our platform. The only thing you need to keep in mind is “crypto means transparency”, so always verify if the investor is genuine and you can easily do this by verifying if the wallet is genuine and if such an address exists. This is the real power of crypto, you have access to every piece of information, more than in traditional banking, to track your investor’s details before proceeding with any deal.

Lesson #3 - Cryptocurrencies were made to keep the power of money in the hands of the people. It is an unreturnable, non-refundable transaction where 100% of the responsibility and liability is in your hands. There is no recourse once the transaction is confirmed.

4. The Broker Scam

These are the most common kind of scams that surface every day, be warned the sole reason for the success of this scam – is greed.

A lot of people entering crypto fail to understand that in the long run, it is the “investors” who win, not the “traders”. An example being Bitcoin, once worth $266 in 2012 is now valued at $33,000. Take care to never fall prey to any scammer who pretends to be a trader with promises of unrealistic monetary gains. As you may know, a thousand traders rise and fall every day, but the richest person in the field of investments is Warren Buffet, who is an “investor”, not a “trader”.

Lesson #4 - Do your due diligence and never transfer your crypto to anyone who claims to be a trader. Only “investors” are the real winners when it comes to crypto.

We hope that you keep all of this advice in mind, and make wise decisions with your crypto. Now we would like to announce an opportunity for every reader of The Bangkok Post. Our partners at Wanda Exchange will provide FREE consultation and legal help to each and every one of our readers who wants to enter the crypto market. Their legal team is ready to help you now, so if you have any questions or concerns related to crypto you can contact Wanda Exchanges legal team today. All of this is FREE OF CHARGE to every reader of The Bangkok Post.  We aim to make a prosperous and crypto educated Thailand and if you have any questions related to crypto, or have been a victim to any scams, the experts from Wanda Exchange are just a call away to offer help.

With much more crypto themed content on its way in the series, don’t forget to stay tuned as we take you through aspects of crypto that you will discover nowhere else! Until then stay alert and visit Wanda Exchange’s official website for questions and more info.

You can contact Wanda Exchange office on: 038-111-801or 082-114-3559 or through the following channels:

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