The Thai government has reportedly taken a bold step by initiating legal proceedings to shut down Facebook in the country, citing its alleged involvement in promoting fake investment scams.
Concerns have escalated over the platform’s purported role in misleading more than 200,000 individuals through fabricated crypto investment schemes.
Thai authorities are pressing for accountability from Facebook, as the platform allegedly profited from these scams by receiving advertisement fees from fraudsters.
In a recent meeting led by Chaiwut Thanakmanusorn, Minister of Digital Economy and Society (MDES), the Thai government discussed security issues arising from Facebook’s involvement in spreading fake crypto investment scam advertisements.
These scams have reportedly lured individuals with promises of daily returns of up to 30%, exploiting the community’s trust.
The scammers even utilized images of well-known personalities to attract victims. Minister Chaiwut highlighted that the cumulative loss from these scams has reached a staggering 10 billion Thai Baht.
Thai authorities claim that Facebook has played a significant role in amplifying these scams by allowing fraudulent advertisements on its platform.
Despite repeated appeals to the social media giant to combat fake advertisements, Facebook’s efforts have fallen short in addressing the issue effectively.
The Ministry of Digital Economy and Society (MDES) is actively investigating the evidence related to the crypto scam advertisements.
The alleged number of fraudulent ads has reached more than 5,300, raising concerns about their detrimental impact on the public.
During a press briefing, the ministry announced its intention to take legal action to shut down Facebook in Thailand if the platform fails to address the issue within seven days.
Minister Chaiwut emphasized that for Facebook to continue its business operations in the country, it must assume greater responsibility in preventing the proliferation of fake investment scams.