📰 Table Of Contents
Thailand Digital Asset Association’s Warning
The Thailand Digital Asset Association has cautioned Thai users about the potential security risks associated with the recent uptrend in crypto prices. The association, composed of a network of blockchain enthusiasts, aims to educate citizens about the risks involved in the crypto-asset bubble.
Increased Risk of Hacking
Suppakrit Boonsat, founder of Bitcast and director of the association, highlighted that despite the rise in crypto prices, the cost of carrying out theft remains the same, making it an attractive target for fraudsters.
Challenges in Crypto Security
Last year, Thailand experienced a significant loss of 867 billion baht ($24.2 billion) due to crypto hacks. Association members emphasized the challenges in storing cryptocurrencies, which have hindered the country’s crypto development.
Educating Users on Proof of Ownership
The association is focused on educating customers about the importance of understanding proof of ownership in the crypto space. By enhancing investors’ knowledge in this area, they can better protect their assets.
Importance of Digital Asset Storage
Boonsat emphasized the significance of understanding digital asset storage and not solely relying on exchanges for storage. Investors need to equip themselves with the right knowledge and technology to ensure sustainable market growth.
Combatting Crypto Scams
In a recent incident, Thai authorities arrested five suspects involved in a crypto scam that defrauded local investors of over $76 million. The rise of sophisticated scams has prompted regulatory actions to protect investors from fraudulent schemes.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
