A registered cryptocurrency trading company in Thailand has been accused of stealing millions of baht from electricity providers. According to reports, the company has allegedly scammed at least $2.88 million from these providers.

The scam was uncovered when several electricity providers reported missing funds from their accounts. Upon further investigation, it was discovered that the funds had been transferred to the crypto trading firm’s account. The company, which has not been named, is said to have been operating under the guise of a legitimate trading platform.

The alleged scam involved the company convincing electricity providers to invest in their trading platform, promising high returns on their investments. However, instead of using the funds for trading, the company is accused of using the money to pay off existing investors and for personal gain.

This incident has raised concerns about the lack of regulation in the cryptocurrency industry. With the rise in popularity of digital currencies, many fraudulent companies have emerged, taking advantage of unsuspecting investors. The lack of proper regulations and oversight in the industry has made it easier for these scams to occur.

The Thai Securities and Exchange Commission (SEC) has issued a warning to investors to be cautious when dealing with cryptocurrency trading companies. They have also urged the public to report any suspicious activities to the authorities.

This latest incident serves as a reminder for investors to do their due diligence before investing in any cryptocurrency trading platform. It is important to research the company and its background, as well as to verify its legitimacy with the relevant authorities.

In conclusion, the alleged theft of millions of baht from electricity providers by a registered crypto trading firm in Thailand highlights the need for stricter regulations in the cryptocurrency industry. Investors must be vigilant and cautious when dealing with these platforms to avoid falling victim to scams.