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Thailand threatens court action against Facebook over crypto scam ads

Thailand is considering seeking a court-issued shutdown order against Facebook if the social media giant fails to address the issue of alleged investment and crypto scam ads on its platform. The Ministry of Digital Economy and Society (MDES) revealed that over 200,000 individuals fell victim to deceptive Facebook ads promoting crypto scams, fake businesses, and fabricated government organizations like the Securities and Exchange Commission.

MDES claimed that the scammers utilized various tactics, including crypto investment and trading scams. Some ads even featured images of celebrities and well-known financial figures, offering unrealistically high daily returns of up to 30% to entice unsuspecting users into participating in these fraudulent schemes.

Chaiwut Thanakamanusorn, the Minister of MDES, stated that despite engaging in discussions and sending a letter to Facebook, the company has failed to adequately scrutinize its advertisers. Consequently, the ministry is currently amassing evidence of the scam ads, which amounted to over 5,300. By the end of the month, the MDES intends to petition the court to issue a shutdown order against Facebook within seven days.

The ministry also cautioned individuals regarding the typical operations of such scams. They advised consumers to be cautious when presented with promises of exceptionally high and guaranteed returns, as well as ads utilizing images of well-known personalities. Furthermore, investments that pressure users to make quick decisions by offering limited-time opportunities and businesses or platforms lacking verifiable information should also be approached with skepticism.

In light of this situation, the AI legalese decoder can play a crucial role. It leverages artificial intelligence and natural language processing to analyze legal texts and documents efficiently. By utilizing the AI legalese decoder, the Ministry of Digital Economy and Society can expedite the process of gathering evidence, identifying scam ads, and comprehending the legal implications. This technology can significantly assist in making informed decisions and presenting a robust case against Facebook, ultimately strengthening the ministry’s efforts to combat fraudulent activities in the crypto realm.

For inquiries, Cointelegraph reached out to Meta (the parent company of Facebook) but did not receive an immediate response.

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