Thai Police to Expand $25 Million Bitcoin Theft Case Investigation

  • A young Thai actor was arrested two weeks ago for allegedly defrauding a Finn out of $25 million worth of bitcoin.
  • New information about the case suggests the accused used the funds to purchase shares of a company and land in his own name.
  • Police continue investigating and plan to bring in more suspects for questioning.

On August 10, CryptoGlobe reported on the alleged theft of $25 million worth of bitcoin belonging to a Finnish investor. Two weeks after the arrest of Jiratpisit Jaravijit, the main suspect in the case, the National Post reports the Thai police are about to take their investigations to the next level.

New Information

As covered, it is alleged that Jiratpisit Jaravijit, a soap opera actor, along with his siblings and other suspects, tricked the Finn to send funds to invest in Expay Software Co. and a cryptocurrency-investing company. Subsequently, the bitcoins were converted into the local currency and deposited into accounts by the perpetrators.

It has since been found out that the funds were deposited into 51 bank accounts owned by 7 individuals. have also uncovered documents that show that Jaravijit actually bought shares in said companies. Other documents also show the actor and his siblings bought land near the Thai capital with the funds. The accused has, however, denied having acquired the assets.

New information now suggests some of the Finn’s money was to be invested in  casino in Macau. He is said to have been promised huge returns from said investments as well.

According to details found in court documents, the young actor and his accomplices are being accused of money laundering and fraud involving $25 million worth of bitcoins received from Aarni Otava Saarimaa, the 22-year-old plaintiff from Finland.

Saarimaa, after several fruitless attempts to get the suspects to send him the returns on his investments, filed a complaint in January. Chonnikarn Kaewsalee, Aarni Saaremaa's Thai business partner helped file the complaint.

Warrants have also been issued for the arrest of the main suspect’s accomplices and siblings. Parinya Jaravijit, the actor’s elder brother has since eloped from the country. Police have also made it clear they would be querying more suspects in the case.

Controlling Thailand’s Crypto Space

In a bid to have more oversight and control over the rapidly growing crypto space, the Thai government imposed new crypto regulations in March. Industry specialists have, however, said there hasn’t been any strict enforcement of these new laws.

The governor of the Bank of Thailand, after clarifying the fraud case was about “misuse of money” and not crypto trading, told citizens to avoid jumping into crypto investments without first studying the basics of crypto investments.

It’s crucial that anyone who wants to invest in high-risk assets such as digital currencies and bitcoin educate themselves and fully understand it

Veerathai Santiprahhob

Crypto Security and Privacy: Why VPNs Matter

With exchange hacks, crypto thefts and phishing incidents seemingly hitting headlines every week, safely buying and transacting with cryptoassets online has never been more important.

This week saw a particularly poignant lesson in the need for a robust online security strategy, as BitGo Lead Engineer Sean Coonce revealed that he lost over $100,000 from his Coinbase balance as an attacker gained control of his account using a “SIM Port” attack.

One important element in any crypto user’s online security should be a top-tier VPN.

VPNs and Privacy

In addition to a gamut of security and privacy practices crypto users should adopt, including using a hardware wallet and using 2FA authentication (non-SMS), a good VPN can’t be overlooked.

While the top cryptoasset blockchains themselves are quite secure, an individual’s interactions with the blockchain or their funds may not be. VPNs encrypt your data, acting in effect as an extra barrier against anyone who might try and access your information as you are communicating with servers online. The data packets of a crypto transaction in this way become better protected against anyone trying to intercept them as they travel between you and the target - such as an exchange.

When you are using a VPN, all your communications are routed via one of the VPN’s encrypted servers. This also affords you a far greater degree of anonymity, as anyone attempting to track websites you visit, e.g. exchanges, wallets, won’t know when or if you are visiting them.

While these technical features of VPNs make them essential for any crypto user, there are other broader concerns that will likely attract crypto enthusiasts to a quality VPN.

The Spirit of Decentralization

Another important facet of using a VPN is decentralization and the privacy of your information.

Bitcoin was created to fulfil the vision of a decentralized, nation-state resistant currency, allowing people across the globe to exchange value independently. In this vein, VPNs form an essential part of that vision, as it becomes far harder to trace your location.

Whether a VPN stores log files too, will likely form an important part of a crypto users choice of VPN. Some VPN providers, while either dancing around the issue or even claiming that they don’t store records of your internet activity, do in fact log your activity. Choosing a VPN provider that has a proven record of not logging activity, therefore, will matter to many in the crypto community.

One other interesting feature offered by some VPNs is the ability to pay for them using cryptocurrency. While many of the top VPNs don’t offer this feature, those who are particularly conscious of privacy and leaving less of a financial footprint, will factor this capability into their choice of provider.

Getting Started on Your Security Journey

Getting to grips with the potential security minefield that comes with owning and buying cryptoassets is not easy. There are a host of ways you can lose your crypto or leave yourself vulnerable to theft. Making sure you choose the right VPN therefore, should form an important part of your strategy as you seek to secure your crypto and online activity.