Police busted a multinational crypto gang using a fake website to scam people in Thailand.

The scam ring with Chinese, Vietnamese, Singaporean, and Thai members allegedly duped investors into buying crypto through a fake page resembling the Tidex online cryptocurrency exchange. They reportedly promised high returns but shut down the sham website after taking the money.

The Technology Crime Suppression Division said on Tuesday that 13 suspects were arrested in Bangkok, Chiang Rai, Rayong, and Phuket provinces, in an operation dubbed 'Lockstar Season 2'. The investigation was launched following numerous complaints about the digital boiler room scheme.

Authorities said they arrested the suspected ringleaders, a Chinese woman named Wang, 29, and a Thai man named Kittikun, 38. They also detained a high-ranking Thai member Tippawan, 44, assigned to convert the crypto assets, and a Singaporean man named Wang, 32, who opened a crypto wallet to receive the fraudulent funds.

Eight Thais were arrested for lending their bank accounts for the operation. They were named by police as Suphat, 28, Karunnapat, 27, Apinya, 28, Raksina, 32, Buntharika, 18, Sai, 31, Kanutanat, 40, and Mayuret, 35.

The suspects were charged with 'being members of a secret society', participating in transnational organised crime, and money laundering.

The arrests were made after one victim reported he was scammed out of 22.4 million baht (515,000 GBP).

In a previous crypto crackdown called 'Operation Lockstar' in July, the Technology Crime Suppression Division also busted an international crime ring in Bangkok, Chiang Rai, Nonthaburi, Pathum Thani provinces. Officials seized more than 30 million baht (690,000 GBP) in assets in the raids.

Cryptocurrency prices have been surging after President Trump's victory in the U.S. elections.

Trump was initially skeptical of crypto, but has since changed his stance and vowed to make the U.S. the 'crypto capital of the planet'.

Analysts have attributed the gains to anticipated crypto-friendly policies that Trump's term would bring. The price was also boosted by the involvement of long-time Bitcoin supporter Elon Musk, who campaigned for President Trump and has been rewarded with an influential post at the newly-created Department of Government Efficiency, which is named after Doge coin.

(1 GBP = 43.51 THB)