Share this article
Thai Police Seek Answers in Alleged Digital Currency Ponzi Scheme
Police in Thailand have raided 13 rooms at a Bangkok apartment complex in connection with alleged digital currency ponzi scheme Ufun.
By Grace Caffyn
Updated Sep 11, 2021, 11:41 a.m. Published May 20, 2015, 8:51 p.m.
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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The group's controversial business model focuses on UToken, a so-called bitcoin rival that UFUN claimed was backed by a "gold reserve system" alongside several multibillion-dollar companies. However, it remains unclear whether the UToken actually existed given the circumstances.
A similar organisation, MyCoin, made headlines in February following reports its founders had disappeared with up to $387m in bitcoin. It was later revealed that the organisation, which marketed itself as a bitcoin exchange, was unlikely to have handled the digital currency at all.
Last month Songmetta estimated that about 120,000 people were affected by the scheme. Losses could reach as high as 38bn Thai bhat ($1.13bn), he said.
So far over 110 victims have filed complaints with the police.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bank of Japan Set to Hike Rates to 30-Year High, Posing Another Threat to Bitcoin
Rising Japanese rates and a stronger yen threaten carry trades and could pressure crypto markets despite easing U.S. policy.
What to know:
- According to the Nikkei, the Bank of Japan (BoJ) is set to increase interest rates to 75bps, the highest level in 30 years.
- Rising Japanese funding costs, alongside falling U.S rates, could force leveraged funds to reduce carry trade exposure, increasing downside risk for bitcoin.
Top Stories
