Have you ever tried putting uncovered somtam out on the counter? When you did this, did you observe the pests & flies it atracts? This is the same rule of the universe, all unprotected entities are subject to threats from multiple outside forces. In recent times Thailand has been on the International Crypto Scammers Radar, with multiple scams being reported daily. Miss Kanthamanee Intaphong, a prestigious legal consultant at Wanda Exchange-The Largest Crypto Payment Service Providers in Thailand, recently shared some deep insights on the topic.

Miss Kanthamanee Intaphong, a prestigious legal consultant at Wanda Exchange-The Largest Crypto Payment Service Providers in Thailand, recently shared some deep insights on the topic.

According to Wanda Exchange, “Crypto” as a mode of payment is the most efficient financial tool ever created. With Thailand being one of the early adopters and new people joining the ecosystem every day, scams are very common. According to Miss Intaphong the major reason behind this is the “lack of crypto-knowledge». According to her, cryptos as a mode of payment is the most transparent financial system ever created and can really prove to be a “boom” to the Thai Economy if we harness its power wisely. Adding further details to the issue Miss Intaphong says, “Crypto is the future, but only when we add crypto-literacy to people.” Therefore, keeping the Public Interest in mind, Bangkok Post in collaboration with Wanda Exchange presents this “Crypto Education” series. The series is aimed at spreading crypto- knowledge among the Thai public, so that Thailand can become one of the biggest beneficiaries of the crypto revolution. In the first part of this series Miss Intaphong will educate you about the common Crypto scams and simple tricks to avoid them.


The Crypto Scammers these days are Organized Professional Criminal Scam Groups, who act in a way to look genuine but end up stealing your money. With simple knowledge of these scams and by following simple rules you can avoid all of the crypto scams and stay ahead of the scammers.

1. The Friendly Catfish Scam

These are the most common type of scams that take place, not just in crypto, but in every kind of financial infrastructure ever made. In this approach, a scammer tries to befriend you out of nowhere on social media or other platforms, and asks you to invest in a scheme, promising you unbelievable results. With Thai people being friendly and innocent in nature they often fall prey to these scams, and are an easy target for scammers. So never trust anyone whom you meet over social media and you need to be extra careful when it’s related to money!

Lesson #1 – Your crypto belongs to you only when its in a wallet where you have control of the recovery seeds. Never disclose your recovery seeds to anyone but your closest trusted family or associate.

2. The Influencer Scams

These kinds of scams have been reported in increasingly large numbers these days, where a scammer tries to convince you that he or she is a famous influencer you already follow. As soon as you start to believe them, they ask you to transfer your crypto to them, promising big gains in a short amount of time. However as expected, as soon as you transfer your crypto to them you realize that you have been scammed.

Lesson #2 – No strangers or people whom you follow online “Influencers” will contact you with promises of investment opportunities involving unrealistic monetary returns.

3. The “Big Investor” Scam

These kinds of scams are common to businesses, where a scammer pretends to be a large investor, and tries to scam your company out of some money in the proceedings. There is no harm in receiving investments in crypto, indeed there are thousands of crypto investments being made every day through our platform. The only thing you need to keep in mind is “crypto means transparency”, so always verify if the investor is genuine, you can easily do this by verifying if any such wallet address exists. This is the real power of crypto, you have the access to every piece of information, even more than you have in traditional banking, always track your investor’s details before moving further with any deal.

Lesson #3 – Cryptocurrencies were made with the purpose of maintaining the monetary power in the hands of the people. It is an unreturnable, unrefundable transaction where 100% of the responsibility and liability is in your hands. There is no recourse once the transaction is confirmed.

4. The Broker Scam

These are the most common kind of scams surfacing every day and the sole reason behind this working is greed.
A lot of people entering crypto fail to understand that in the long run the “investors” win, not the “traders”. An example being Bitcoin was valued at $266 in 2012, it is currently valued at $33,000. Never fall prey to any scammer who pretends to be a trader with promises of unrealistic monetary gains. As you may know, a thousand traders rise and fall every day, but the richest person in the field of investments is Warren Buffet, who is an “investor” not a “trader”.

Lesson #4 – Do your due diligence and never transfer your crypto to anyone who claims to be a trader. Only the “investors” are the real winners when it comes to crypto.

We hope that you keep all of this advice in mind, and make wise decisions with your crypto. Now we would like to announce an opportunity for every reader of The Bangkok Post. Our partners at Wanda Exchange will provide FREE consultation and legal help to each and every one of our readers who wants to enter the crypto market. Their legal team is ready to help you now. If you have any questions or concerns related to crypto you can contact Wanda Exchanges legal team today. All of this is FREE OF COST for every reader of The Bangkok Post, we aim to make a prosperous and crypto educated Thailand. If you have any questions related to crypto, or have been a victim to any scams, the experts from Wanda Exchange are just a call away for help.