Thirty alleged victims went to the office of the Technology Crime Suppression Division (TCSD) in Bangkok to submit a formal complaint against CryptoMining.farm. The firm, which has been providing mining contracts to investors since 2014, is now involved in a possible 42 million Thai Baht ($1.34 million) cryptocurrency mining scam.
The victims assert that they were enticed by the website owner’s guarantee of a 70% annual ROI on their investments. In fact, several videos on YouTube were uploaded by investors to show their profits.
Lured by the huge profits and with the company having seemingly legit business addresses in Chiang Mai and Bangkok, the new crypto investors jumped in and purchased mining contracts from the firm.
Several options for the investors are available on the platform—3 months, 6 months, 1 year, 3 years, 15 years, and lifetime BTC mining contracts. In the beginning, investors said there was no limit in withdrawals.
However, one disappointed investor claimed:
“From August  the owner began imposing conditions for withdrawing the money. Then at the start of this month [February 2019], the site announced it would start paying back investors in 84 installments which would take over seven years to complete. The payments were supposed to be made in foreign currencies [which] is not permitted by Thai laws.”
While only 30 people went to file a complaint against the firm, Thai police estimate that around 140 people may be affected.
Cryptomining platforms have been in hot water ever since the price of bitcoin went down. Crypto cloud mining service Hashflare terminated BTC mining contracts last year, mentioning unprofitability as the primary cause.