The cryptocurrency industry has been riddled with scams since Bitcoin’s inception. The latest target of such a scam was Aarni Otava Saarimaa, a 22-year-old Bitcoin millionaire. After investing in a new cryptocurrency, named Dragon Coin, Aarni lost his entire investment after finding out that he has fallen for a crypto scam.
Bitcoin Millionaire Loses $35 Million To Scam
This week, nine suspects were arrested in Thailand after being linked to transactions that were related to a Bitcoin scam. Aarni Otava Saarimaa found a new cryptocurrency on the market called Dragon Coin. He decided to make a substantial investment of $35 million (5,564.4 Bitcoins) in this new coin as it seemed to hold significant value and investment potential. In addition to investing in the Dragon Coin cryptocurrency, some of Aarni’s money was also invested in a new online casino that the founders of the Dragon Coin were also promoting.
As per recently established information, the founders of the Dragon Coin scam were from Thailand. Following his capital allocation of $35 million, Aarni quickly learned that he had fallen for a scam, losing his entire investment in the process to the aforementioned suspects.
According to a recent report, the Crime Suppression Division (CSD) of Thailand had spent over six months investigating this particular case. The CSD discovered that a group that consisted of nine individuals were involved in suspicious activities and linked this case of theft to the particular group.
The CSD found that the ring converted the Bitcoin that was sent to them into Thailand’s native currency. The local currency was then used as a vehicle to purchase land rights within the Asian country.
The police mentioned the name of Jiratpisit Jaravijit, also known as “Boom” in some Thai circles. The 27-year old was found to be involved in this cryptocurrency scam and was arrested while he was filming a local television show in Bangkok.
In addition to Jiratpisit’s connection to the scam, the police also found that a number of his siblings were also involved. The money seems to have been distributed amongst him and his siblings.
After spending several months on this particular case, the police were finally able to trace down the Bitcoin-related transactions that occurred between a number of bank accounts within the local area. After further investigation, it was found that the majority of these bank accounts were linked to both Jiratpisit and some of his family members.
At the moment, further investigations are being conducted in order to find additional bank accounts that may be linked to this criminal offense. All of the suspicious accounts already found have been frozen, to ensure that the suspect’s associates cannot withdraw the money. Additionally, the land that was purchased and used as investments with the money stolen from Aarni have also been frozen.
The police mentioned that the goal of this investigation is to freeze all assets related to the Dragon Coin scam, along with ensuring that the money that was stolen will be returned to their rightful owners.
This was not the first cryptocurrency scam in the South-East Asian region by far. Early in 2018, another scam occurred, where it was reported that over $300 million was stolen from victims that got wrapped up in a particular scam. While investigating this scam, police had linked the transactions to several Bollywood actors, making the Dragon Coin debacle the second scam in 2018 to involve local actors within the South-East Asia region.
Recent reports have also warned people about a new cryptocurrency scam on Twitter. Bots have been used to promote an Ethereum (ETH) Giveaway on the platform. Millions of Twitter accounts have already been spammed and affected, with numerous celebrities and public faces finding that their followers are being targeted by these bots.
While Aarni Otava Saarimaa thought that he was investing $35 million in Dragon Coin, a new cryptocurrency, he was really being taken for a scam. After losing his entire investment, nine suspects have already been arrested, including a local soap actor in Bangkok. Police reported that it had taken them several months due to the complexity of the case.