“Crypto Wizard” Arrested for Taking Part in $16 Mln Cryptocurrency Scam

According to the Bangkok , Mana Jumuang, a 48-year-old Thai , was arrested Wensday for being part of a cryptocurrency scam that pilfered more than $16 mln from uninitiated cryptocurrency investors.

The report states that Jumuang was one of the members of the Thai-Vietnamese criminal group that operated in the Asian region for approximately two years. They would impersonate banking workers and cryptocurrency investors to create the allure of legitimacy.

In such a way, they managed to lure in their victims who lost a cool 500 million baht (~$16 mln) to these bad actors. The Crime Suppression Division (CSD) claims that investors were able to receive returns only during a small period of . Once they got on the hook, they weren’t able to come in contact with any gang members. Essentially, this looks like a textbook definition of a Ponzi scheme.

Jumuang, who’s also known as the “cryptocurrency wizard,” used some of the stolen crypto to purchase land in Phichit province, which is known for its historical heritage and picturesque green valleys.

While his lush life is about to come to an end, very little is known about the other suspects. The four Vietnamese suspects have already fled the country.

Last year, as reported by U.Today, Thai actor Jiratpisit “Boom” Jaravijit appeared in the spotlight after being arrested for participating in a multimillion-dollar cryptocurrency scam.

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