BANGKOK, THAILAND – Two prominent figures in Thailand’s crypto community came under intense scrutiny after investors said they felt misled by supposed insider deals that collapsed.
The Worawat case – from poster boy to suspect
For years, Worawat Naknawdee (36), known online as Acme Traderist, had been regarded as one of Thailand’s earliest and most visible crypto investors, building his reputation as a successful entrepreneur around Bitnance Co Ltd.
His personal brand included media appearances, awards, a widely cited early move into Bitcoin mining and a conspicuous display of luxury, complete with celebrity connections and a 2023 marriage to actress Nutcha “Nonny” Schuhmacher.
500-fold returns promised – and then nothing
On 9 March, a group of investors, accompanied by Tankhun Jitt-itsara, president of the Santiprachadham Club, filed a complaint with the Central Investigation Bureau, accusing Worawat of luring them into projects called WOWBiT and ACET ONLY.
According to the investors, they had been promised returns of up to 500 times their capital, but by the 1 March payout date no withdrawals were possible, and the explanations shifted from an alleged hack to supposed obstacles from foreign anti-money-laundering rules.
Police count losses and victims – and track a man abroad
The Economic Crime Suppression Division reported at least 61 formal complaints by 11 March, with confirmed losses of about 76 million baht, while investigators believed the total damage to be significantly higher.
Pol Maj Gen Thatphum Jaruprat, the division commander, said police were seeking an Interpol Red Notice and examining possible charges of computer crime and fraud, as Worawat was believed to have left Thailand in November 2024 and to be living in the United Arab Emirates.
The second name – ex-KXVC director and the token deals
In parallel, allegations surfaced against Kampanat Vimolnoht (37), a former board director linked to KasikornX Venture Capital (KXVC), the Kasikornbank investment arm focused on future themes such as AI and Web3.
Kampanat presented himself as a well-connected analyst with a master’s degree from the United Kingdom and a conference profile, while investors said he had offered them early token allocation access to projects such as Monad, Babylon and Linera.
Contracts, vesting, delays – and then silence
Investors said they had transferred money and received documents describing token purchases and vesting schedules, but problems became apparent in October 2025, when the first token releases were due.
Explanations for delays reportedly shifted between paperwork, market conditions and partner issues, before contact with Kampanat broke off for several affected investors in November and checks suggested some contracts might have been assembled from altered KXVC documents.
KXVC distances itself – and the damage spreads abroad
KXVC later stated on its website that Kampanat had left the organisation in March 2025 and that the fund had no connection to any fundraising activities outside its official processes.
Victims in Thailand, Singapore, Vietnam and the United States reported losses ranging from about 20,000 US dollars to more than 1 million US dollars per person, and inquiries to 19 crypto projects indicated, according to the investigations, that most had not known Kampanat and had not allocated tokens through him.
Why it worked – the power of insider optics
Both cases highlighted a pattern in the crypto scene in which deals often circulated in private online circles on Telegram or WhatsApp, and perceived proximity to founders, funds or influencers functioned as a kind of currency.
Because genuine venture financing and pre-allocations frequently did take place through exclusive networks, the promises of extraordinary returns or early token access appeared plausible to many and were now fuelling calls for greater caution and stricter oversight of digital assets in Thailand.