Warrant out for Thai dance Youtuber ‘Nutty’ after hundreds report losing thousands to Forex scam

A popular YouTuber is in hot water after allegedly cheating thousands of followers out of millions as part of an elaborate scam.

A YouTuber in Thailand is in hot water after allegedly cheating thousands of followers out of nearly $80 million.

Natthamon Khongchak, otherwise known as “Nutty”, has built a hefty following of over 847,000 fans on YouTube, mostly through dance videos.

But along the way, the popular social media star had also begun advertising private courses for budding foreign exchange traders on her Instagram account. She posted several images of what she claimed were her profits, encouraging others to funnel money through a trading scam that promised eyewatering returns on their investments.

According to local media reports, over 6,000 people gave Natthamon money to invest after being promised to see returns of up to 35 per cent if they wired through cash.

In a surprise to followers, it didn’t go as smoothly as planned. In May, Natthamon posted to her Instagram account that she owed 1 billion baht (A$40 million) to investors.

In a short video, the social media star claimed her broker blocked her trading account since March.

A Thailand police unit specialising in online scams last week issued an arrest warrant for fraud against Natthamon.

Thai officials have reportedly already received complaints from 102 people claiming they’d lost a total of 30 million baht (A$1.2 million).

New victims of the crafty social media scam are emerging by the day, with most claiming to have lost thousands of baht.

In Thailand, the average worker can expect to make anywhere between 6000 and 14,000 baht per month.

Natthamon Khongchak, otherwise known as “Nutty”, has built a hefty following of over 847,000 fans on YouTube, mostly through dance videos.

The popular social media star had also begun advertising private courses for budding foreign exchange traders on her Instagram account.

Local media and Natthamon followers are now speculating that she’s fled the country, as she has not been seen on her social channels since June.

However, Bloomberg reported her immigration records show she hasn’t left Thailand.

Forex trading is an attempt to make a profit by speculating on the value of one currency compared to another. For expert investors to turn a profit, they must keep an eagle’s eye on the market, as exchange rates between currencies can change extremely quickly in the event of significant world events, such as natural disasters, trade disputes and Covid-19.

In Australia, foreign exchange scams are on the rise, with the ACCC alerting that Aussies have lost over $205 million to scams in the first five months of 2022

The alarming spike is a 166 per cent increase compared to the same period last year, according to new data from Scamwatch.

But the watchdog admitted true losses to scams are likely to be much higher, as research shows that only around 13 per cent of people report their losses.

The majority of losses over this period have been to investment scams with $158 million lost, an increase of 314 per cent compared to the same period last year.

While the reported losses have increased the number of reports has reduced slightly, indicating that on average people reported higher individual losses.

“We are seeing more money lost to investment scams and so are urging all Australians not to trust investment opportunities that seem too good to be true,” ACCC Deputy Chair Delia Rickard said.

The majority of losses to investment scams involved crypto investments, with $113 million reported lost this year. Cryptocurrency is also the most common payment method for investment scams.

“Australians should be very wary of anyone asking them to invest in or transfer money using cryptocurrency, especially if it’s someone you have only met online. Many consumers are unfamiliar with the complexities of cryptocurrency and this can make them more vulnerable to scams,” Ms Rickard said.

In Australia, foreign exchange scams are on the rise, with the ACCC alerting that Aussies have lost over $205 million to scams in the first five months of 2022

Scamwatch has also seen an increase in impostor bond scams this year, with $10.9m reported lost.

“These extraordinary losses show that scammers are causing significant financial and emotional harm to many Australians,” Ms Rickard added.

“Scammers are adapting old scams to new technology, seeking payment through unusual methods and automating scam calls to increase their reach to potential victims.”

Scamwatch reported that while the general approach of investment scammers does not appear to have changed, the specific nature of the offers does change from year to year.

Online users have been warned to keep vigilant as many scams may appear to be legitimate at first glance.

If the promises are too good to be true, they probably are.