22-year-old man loses $24 million worth of bitcoins in apparent scam

August 14, 2018

 

Bitcoin is a risky investment, but for one young crypto millionaire, traditional forms of investing into assets such a casino and company stock turned out to be even riskier. 

According to Bangkok Post, a 22-year-old Finnish man called Aarni Otava Saarimaa lost a total of 5,564.4 bitcoins (worth roughly 24 million dollars at the time) to scammers in Thailand. In June 2017, Saarimaa was approached by a group who convinced him to send him the bitcoins, the report claims, quoting findings by Thailand's Crime Suppression Division's (CSD), which has been conducting an investigation into the case for six months. Saarimaa believed he was investing in shares of three companies, a casino and a new cryptocurrency called Dragon Coins, but after seeing no returns at all, his business partner Chonnikan Kaeosali filed a complaint to the CSD. As it turned out, the group converted the bitcoins into Thai currency, deposited it into accounts belonging to seven suspects, and spent some of it on plots of land.The group of fraudsters, which the police believe numbers nine people, allegedly includes Thai actor Jiratpisit 'Boom' Jaravijit, who was arrested in July, and two of his siblings, one of which has left the country. The siblings face money laundering charges and, potentially, fraud charges.

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