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Thailand Pushes Back Against Facebook-Enabled Crypto ScamsThai authorities are contemplating serious action against social media giant Meta (formerly Facebook), as Thailand battles against fraudulent cryptocurrency schemes and misleading investment advertisements propagated through Facebook, given a rise in the occurrence of such scams.Photo by Dan Freeman on Unsplash200,000 victimsThe Ministry of Digital Economy and Society (MDES) in Thailand has revealed that over 200,000 individuals in the country have fallen victim to fraudulent Facebook advertisements, which tout promises of massive returns through crypto-related investments and other financial opportunities. These deceitful ads have preyed on unsuspecting users, leading to growing concerns about online safety and consumer protection.The fraudulent adverts often make outrageous claims, guaranteeing daily profits as high as 30%. To add credibility, scammers even resort to using images of celebrities and renowned figures from the financial industry as fabricated endorsements. Some ads have gone to the extent of replicating the logos and symbols of the Thailand Securities and Exchange Commission (SEC) and the Stock Exchange of Thailand to establish an appearance of legitimacy.Inadequate responseChaiwut Thanakamanusorn, Minister of MDES, acknowledged that the ministry has engaged in discussions with Facebook regarding the alarming prevalence of these fraudulent ads on its platform.Thanakamanusorn stated: “In the past, the ministry talked to Facebook all the time, but did not screen advertisers, causing damage to Thai people of more than 100,000 million baht.” Despite sending a letter to the platform requesting the removal of more than 5,301 misleading advertisements, Facebook’s response has been inadequate in addressing the issue effectively.In the face of Facebook’s reluctance to take appropriate action against these fraudulent ads and the substantial financial damage amounting to $2.8 million, MDES has issued a stern warning. Should Facebook fail to rectify the situation, MDES is prepared to pursue a court-issued shutdown order against the platform within a span of seven days.To protect the public from falling victim to these scams, MDES has advised individuals to exercise caution when encountering ads that promise exorbitant profits. Moreover, users are urged to be skeptical of endorsements from celebrities, as these images are often manipulated to deceive the public. The ministry also emphasized the importance of verifying the credentials of businesses and platforms before engaging with them.Safeguarding investorsThailand’s regulatory efforts in the cryptocurrency domain have taken a cautious trajectory. Thailand’s Securities and Exchange Commission (SEC) has stepped up its efforts to safeguard investors from crypto scams by instituting stringent guidelines against deceptive crypto marketing.As part of those guidelines, the SEC stated: “It is forbidden to advertise or persuade the general public or do any other act in the manner of supporting the deposit taking & lending service.” Acknowledging the inherent volatility of the crypto market, the SEC has mandated risk-related disclosures for all crypto trading platforms.With Facebook boasting around 48.1 million users in Thailand as of January 2023, the platform holds substantial influence, making the resolution of this issue even more critical. Striking a balance between innovation and regulatory measures is imperative to ensure that online spaces remain safe and conducive to a healthy crypto market.

OliveX Launches OVE Governance TokenSingapore’s OliveX, a crypto trading ecosystem solutions platform, marked a significant milestone on Sunday with the official launch of its governance token, OVE.The introduction of this token allows users to participate in staking, mining, and unlocking other rewarding opportunities. OliveX was established to address challenges faced by traders within the crypto space.Photo by Kris Sevinc on UnsplashHybrid trading modelTo that end, the platform has introduced its “Fusion-Ex” trading model, presenting a solution to the perpetual dilemma of choosing between centralized exchanges (CEX) and decentralized exchanges (DEX). By merging the strengths of both CEX and DEX, OliveX is attempting to optimize the trading environment for market participants.Through the Fusion-Ex model, OliveX combines the user-friendly and fast experience of CEX with the transparency, security, and control offered by DEX. With this approach, it strives to strike a delicate balance, ensuring high efficiency while prioritizing user asset control. OliveX caters to the diverse needs of both novice and professional traders, while seeking to tailor trading services to these user groups.The role of OVE in the OliveX Ecosystem, the governance token of OliveX, serves as the central component for value circulation within the ecosystem. It plays a pivotal role and offers numerous advantages to OVE token holders. These privileges include the right to propose and vote on ecosystem changes, receiving profit dividends, access to priority whitelists, and participating in airdrops.AI IntegrationAI integration has become a trend among crypto platforms of late. Singapore-based Crypto.com has harnessed AI for the benefit of its user base, as has global exchange, Binance. OliveX has also taken this approach, embracing the future of trading by incorporating AI technology. With its AI trading suite, it offers users a new and enhanced trading experience. The suite customizes an automated revenue model, enabling users to maximize their trading profits. Additionally, it seamlessly integrates with various DeFi applications, opening doors to various on-chain applications and expanding its user base as a consequence.Recent IEOOVE’s journey commenced with an Initial Exchange Offering (IEO) on July 6, which consisted of five rounds. The overwhelming response from the market was evident as each round ended with over-subscriptions. The total funds raised during the IEO surpassed $40 million, with over-subscription rates exceeding 3,000%. The high level of recognition and support was reflected in the participation of over 20,000 users.Looking ahead, the OliveX ecosystem, including the forthcoming OVE Chain, continues to expand into new areas. The platform is promising further product development and updates over the coming months.The official launch of OliveX’s governance token, OVE, is a significant step forward for the fledgling project. With the Fusion-Ex trading model, AI integration, and the versatility of OVE, the platform is certainly making every effort to differentiate itself and appeal to the crypto trading public.

Web3 entertainment platform Playbux is set to embark on a public token sale in a departure from the more established initial coin offering (ICO) model favored by many crypto and Web3 platforms in the past.Photo by Mackenzie Marco on UnsplashFair community offering (FCO)Aiming to raise $150,000 later this month Playbux, a blockchain-based e-commerce metaverse platform that runs on the BNB chain, has opted for a fair community offering (FCO). As part of the FCO, it will provide pre-listing access exclusively to engaged users through Dubai-headquartered crypto investing platform Raiser, backed by Visa. In a series of posts on social media platform X on Monday, Raiser set out what it plans to bring to market by way of the FCO model.  According to the startup, FCO involves ranking project users based on on-chain activity, referrals, participation in educational quizzes and following the platform's X profile.  As the company puts it, “engagement is the king. The more interactive challenges you complete - the higher you climb on the Raiser.co leaderboard.” Users, depending on their ranking, gain the opportunity to invest in the project's token before its official listing on centralized exchanges. Raiser is being supported in its FCO model offering by market maker Kairon Labs. An alternative to ICOsThis community fundraising mechanism emerges as an alternative to ICOs, which, in the earlier days of crypto, became associated with fraudulent activities. The surge in ICOs between 2017 and 2018 led to a mix of success stories, like Ethereum raising $18 million in 2014. However, the funding mechanism was sharply criticized as it also attracted unsavory actors due to the lack of reporting requirements and accounting standards. In the aftermath of the ICO era, centralized crypto exchanges now mandate projects to lock a portion of their token supply at launch and vest some supply to prevent excessive dumping by investors. Raiser co-founder Kori Leon, who previously worked on the listings team at Binance, notes that Raiser's FCO process aligns with these stricter listing requirements while offering community members pre-listing token access, potentially reducing the urge to sell tokens immediately upon listing. Leon stated:”Our goal is to effectively support both the community and centralized exchanges, who show belief in the potential success of new projects through initial listings. Our unique platform rewards active community members and so assists exchanges in their strategic decisions.” Playbux's PBUX token, part of Binance Labs' incubation program and included in Visa's Asia Pacific 2023 accelerator program, will undergo a public FCO in late January, according to Leon. The metaverse-focused platform is known for its shop-to-earn experiences and customizable avatars. Playbux was founded by Thai entrepreneurs Tay Sitthisaktanakul and CEO Sarun Vichayabhai in 2022. This move by the firm through the utilization of FCOs signifies a shift away from the tarnished ICO model, acknowledging the importance of community engagement and responsible token distribution.