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Bitcoin Slump in Thailand: Crypto Company Incurs Massive Loss

Cryptocurrency May 20, 2022 10:30AM ET
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© Reuters. Bitcoin Slump in Thailand: Crypto Company Incurs Massive Loss

  • A Thailand-based crypto company lost more than a third of its value in the past month.
  • Jasmine Tech was on its way to becoming the largest bitcoin farm in Southeast Asia.
  • Thailand recently announced a ban on crypto in the country.

Thailand’s Jasmine Technology Solution Plc, the telecom-turned-crypto company, has lost more than a third of its value in the past month, according to Bloomberg. The tech firm’s market capitalization has been cut down to 260 billion baht (US$7.6 billion) in the crypto crash of last week. The massive loss has also affected the firm’s biggest shareholders.

The Bangkok-based tech giant cashed in on the digital asset frenzy and quickly soar to become the 10th most-valuable company on the Stock Exchange of Thailand. It was on its way to becoming the largest Bitcoin farm in Southeast Asia. However, the recent Bitcoin crash caused the company to suffer a massive setback.

What makes this situation worse is that Thailand is banning the use of cryptocurrency. The Securities and Exchange Commission (SEC) of Thailand announced a ...

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Bitcoin Slump in Thailand: Crypto Company Incurs Massive Loss
 

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