Facebook Faces Potential Shutdown in Thailand Over Alleged Crypto Scam Ad Promotion

The Thai government has reportedly considered taking legal action to shut down Facebook in the country due to its alleged role in promoting fake investment scam ads.

The platform is accused of misleading over 200,000 individuals through these scams, prompting authorities to address the security concerns posed by the social media giant.

Amidst growing concerns about fake investment scams, Thailand’s Minister of Digital Economy and Society (MDES), Chaiwut Thanakmanusorn, along with other ministry leaders, conducted a meeting on August 21 to discuss Facebook’s involvement in misleading the public.

The platform is accused of aiding scammers who exploited the community with promises of daily returns of up to 30% through fake crypto trading scams.

Reports suggest that Facebook played a role in manipulating the public to invest in these fraudulent schemes.

Scammers used images of popular personalities and exploited the community’s trust to garner investments. The total loss attributed to these scams is reported to be around 10 billion Thai Baht.

Thai authorities have reportedly approached Facebook multiple times to address the issue of fake advertisements on its platform. However, the platform’s response has been deemed inadequate in curbing the scams.

The Ministry of Digital Economy and Society is actively investigating the evidence of the scam advertisements, which are estimated to number over 5,300.

In light of the urgency of the situation, the ministry has outlined a plan to take the matter to court and seek an order to shut down Facebook within seven days if the platform fails to address the issue satisfactorily.