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.
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