Thai crypto scandals shake investor trust

Two high-profile cases raise concerns over insider networks, writes Wisawaporn Jukgoljun

- 

Two high-profile cryptocurrency scandals involving Worawat Naknawdee, a prominent digital asset investor, and Kampanat Vimolnoht, a former director linked to a venture capital arm of Kasikornbank, have sparked debate among Thai investors over trust, insider networks and risks in the fast-growing crypto market.

Both men were widely regarded as industry insiders before allegations surfaced that they had misled investors through schemes promising lucrative cryptocurrency opportunities that later failed to materialise.

WHO IS WORAWAT NAKNAWDEE?

Mr Worawat, 36, known online as “Acme Traderist’, built a reputation as one of Thailand’s earliest cryptocurrency investors.

According to sources in the digital asset community, he began working with Bitcoin mining as early as. 2012, when cryptocurrencies were still largely unknown in Thailand. Mining involves using computing power to generate cryptographic solutions that validate blockchain transactions.

Over the years, Mr Worawat cultivated a public image as a successful crypto entrepreneur. He served as chief executive of Bitnance Co Ltd and was often portrayed as a pioneer in the local digital asset sector.

Some estimates suggested he held up to 8,000 Bitcoins, a holding worth hundreds of millions of dollars at peak prices.

His reputation was further reinforced by media appearances, awards in the financial sector and an honorary doctorate in finance from the European International University in Paris.

Mr Worawat's personal life also drew public attention. He married actress Nutcha “Nonny” Schuhmacher in 2023 and was known for his luxury lifestyle and connections with business and political figures, including photos of him hugging former prime minister Thaksin Shinawatra.