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.

AccessTimeIconMay 20, 2015 at 8:51 p.m. UTC
Updated Sep 11, 2021 at 11:41 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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 "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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.