Thai Regulators Intensify Case Against “Acme Traderist” as Alleged $40 Million Crypto Investment Scheme Draws Fresh Complaints

Thailand’s Securities and Exchange Commission of Thailand has reaffirmed that legal proceedings against cryptocurrency promoter Worawat Narknawdee, widely known online as “Acme Traderist,” remain active after a new wave of investor complaints revived scrutiny over the alleged investment scheme tied to the 1000X trading platform.

The regulator stated that it originally filed a criminal complaint in March 2023 against Narknawdee and 1000X Limited, the operator of the website 1000x.live. Authorities accuse the company of running a digital-asset trading business targeting investors without the authorization required under Thailand’s digital asset regulatory framework. The case has since been forwarded to public prosecutors for further legal action.

Recent developments brought the case back into focus after more than 30 alleged victims filed new complaints with Thailand’s Central Investigation Bureau. The complainants claim they were persuaded to deposit funds into the online platform based on representations of cryptocurrency trading opportunities and potential returns. Total reported losses associated with the scheme are estimated at roughly $40 million.

Investigators believe the case may involve cross-border elements. Authorities indicated that Narknawdee could have left Thailand and may currently be located in the United Arab Emirates, raising additional enforcement and jurisdictional challenges as regulators attempt to trace assets and investor funds.

To mitigate further investor exposure, the Thai’s SEC previously requested that the Ministry of Digital Economy and Society block access to the 1000X platform in June last year. The regulator said the measure was aimed at preventing additional deposits into an unlicensed digital-asset operation.

The action forms part of a wider enforcement campaign targeting unauthorized cryptocurrency services. Thai authorities have recently moved against several offshore exchanges—including Bybit, CoinEx, OKX and XT.com—after determining they were providing trading services to Thai users without licenses.

Regulators have also filed cases involving unauthorized crypto brokerage activities and illegal over-the-counter trading. Officials say these investigations reflect a broader effort to combat digital-asset fraud, strengthen market supervision, and limit financial crime risks tied to unlicensed cross-border platforms targeting Thai investors.