Thai Police Seek Answers in Alleged Digital Currency Ponzi Scheme
Police in Thailand have raided 13 rooms in a Bangkok apartment complex in connection with an alleged Ponzi scheme called UFUN that may have promoted a fraudulent type of digital currency. The raid, reported by local source The Star, follows a number of searches and arrests across the Asia-Pacific region as part of a crackdown on UFUN led by Thailand's assistant police chief Suwira Songmetta. The group's controversial business model focuses on UToken, a so-called bitcoin rival that UFUN claimed was backed by a
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