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Crypto miners under surveillance

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Crypto miners under surveillance
The mood at Crypto Expo 2022, which kicked off at Bitec Bang Na in May.  (Photo: Arnun Chonmahatrakool)

The mood at Crypto Expo 2022, which kicked off at Bitec Bang Na in May. (Photo: Arnun Chonmahatrakool)

Authorities are closely monitoring at least 10 cryptocurrency trading platforms they suspect of engaging in illegal stock manipulation.

The Commander of the Economic Crimes Suppression Division (ECD), Major General Pol Maj Phuthidej Boonkraphue, said his office monitors the activities of cryptocurrency trading platforms listed on the Stock Exchange of Thailand (SET). .

He said that at least 10 companies, which run cryptocurrency mining operations, are suspected of spreading false claims on social media in an attempt to boost their stock prices.

Pol Maj Gen Phuthidej said the companies were seen as a front for a fake cryptocurrency mining operation.

These companies, Pol Maj Gen Phuthidej said, were also not run in accordance with the best practices expected of listed companies, adding that the ECD submitted summaries of its investigations to the Securities and Exchange Commission (SEC).

If the SEC finds evidence of wrongdoing by the companies, the commission can file a police complaint against the companies.

With cryptocurrency trading amounting to hundreds of millions of baht every day, the Central Bureau of Investigation has decided to pay more attention to digital asset brokerage, consultants and malls. These companies need a license to operate and are subject to scrutiny by the SEC.

Pol Maj Gen Phuthidej said that more than a dozen companies claim to have purchased cryptocurrency mining equipment, which has boosted their stock prices significantly. However, since last year, only a few listed companies have made a profit from these investments.

The commander said authorities were concerned about stock market speculation because it would have deep ramifications on investors and the general public. The ECD and SEC are working together to probe the practices of cryptocurrency companies, he said.

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