In recent days, foreign websitesScamuraihave exposed a scandal shaking Thailand's Web3 industry, involving a former senior executive of KXVC, a Web3 and AI fund worth 100 million USD (over 3.2 billion baht), accused of defrauding investors with fake Token Allocation deals before disappearing with victims' money.
Since then, the case has sparked intense discussion on social media, with many victims coming forward to share their stories. These victims are prominent individuals in society, including businesspeople, investors, and Web3 project developers well-versed in traditional and future investment methods.
. . . Thairath Money reporters spoke directly with multiple victims and former employees who worked closely with the suspect, finding that Jom began this operation in 2022 when he fully entered the Web3 world as a fund manager with access to exclusive deals. Current estimated damages are around 30 million USD or about 1 billion baht, affecting victims across several countries worldwide.
"Hundreds of millions of baht, combined with his skills, position, and status in the industry—if he had been honest, he would have earned it through integrity. No one would expect someone at his level to trade his reputation for something like this,"
this is what most victims told Thairath Money when referring to Kampanat Wimolnot, known in the industry as "Jom."
In Thailand's Startup and Venture Capital (VC) scene, this 37-year-old former executive is not a newcomer.According to information on LinkedIn,he earned a master's degree in Finance, specializing in Investment Analysis, from a prestigious UK university with a perfect GPA of 4.00. He began his investment career as an Investment Banking Analyst at a major Thai bank and accumulated extensive experience in finance and investment over several years, including working with one of the Big 4 global consulting and auditing firms.
He then entered the VC sector as an investment analyst for a Venture Builder focused on discovering new businesses, investing in startups, and advising invested companies strategically. Later, he became a founding member of a logistics startup, expanding its services to Jakarta, Indonesia.
He further built his investment reputation by joining Assend as Head of Venture Capital Investment. By 2017, he joined Krungsri Finnovate as a senior executive overseeing overall investment strategy (Head of Investment) and Strategic Partnership, eventually becoming an Executive Director.
In mid-2022, he joined KX as Investment Director, before the company spun off KXVC in 2023, where he assumed the role of Managing Director of a Web3 and AI fund valued at 100 million USD.
Over time, he was frequently seen giving media interviews and speaking at prominent Tech Conferences both in Thailand and abroad. Publicly, he appeared as a young, knowledgeable, and credible insider investor in the industry.
Naturally, his high-ranking position and the organization's reputation gave Jom a strong credit and trustworthiness profile among international investors and blockchain insiders...
If you are outside the Web3 world, you might wonder why experienced, wealthy investors would transfer huge sums to a single individual without any collateral.
The answer lies in the nature of crypto investments, which Jom chose as his tool...
A blockchain industry source explained that crypto projects yet to launch tokens often sell early investment quotas (Seed Round, Private Round, KOL Round) to selected investors. Those with these quotas can buy tokens at prices many times cheaper than market rates—e.g., investing at 0.03 USD per token while market price at launch may soar to 3 USD, yielding returns up to 100 times.
However, tokens are locked (Lock-up Period) for one to four years before gradual release at the Token Generation Event (TGE). This means investors wait years before confirming deal success, creating a gap that Jom exploited to easily solicit investments.
These quotas circulate among a small, private group via personal Telegram channels, closed groups, and investor networks. Those in the middle of this ecosystem—the "insiders"—are highly sought after and trusted for invitations.
. . . Jom was well aware of his insider status and fully leveraged it as a billion-baht Venture Capital executive, making it unsurprising that he had access to Private Allocation quotas.
"I must say Jom is not stupid," a major Web3 investor told Thairath Money. One distinguishing factor of this case is thatJom strategically selected each victim. Multiple sources agree he is intelligent, eloquent, and understands how to approach different people, what interests them, and what to pitch.This would be excellent soft skills if used honestly.
Based on conversations with sources, Thairath Money categorizes Jom's victims into at least three groups.
The first group comprises investors and entrepreneurs already involved in Blockchain and Crypto, who knew Jom as a fintech figure for years. Some met through collaboration, such as providing technical support and project evaluation. Their business partnerships evolved into personal trust before Jom invited them to invest.
This group understands Web3 deeply, recognizes the projects Jom offered, and therefore trusted him more because everything seemed reasonable in their familiar context.
Interviews indicate Jom tailored projects strategically for each victim.
One victim recounted meeting Jom by chance at a startup event abroad in 2022, after Jom had joined KX. Their interaction began through business cards and introductions. Jom knew he was interested in Layer 1 Blockchain projects and presented an interesting project via Private Allocation that year, with a pitch deck provided by the project's founders specifically for KX.
The victim transferred over 30,000 USDT to Jom and provided a Wallet Address to receive tokens upon project unlock.
When Web3 insiders started detecting fraud and demanding refunds, Jom shifted focus to a new group—wealthy individuals less familiar with Crypto, such as Web2 investors and traditional business networks. Jom systematically studied their backgrounds.
A source who was Jom's former colleague and KX employee told Thairath Money that Jom's family network connected to leading Thai startup entrepreneurs and investors. He used these connections to access affluent business circles by attending dinners and social events, without their prior knowledge that Jom would solicit investments from their acquaintances.
The most tragic group includes daily close contacts—colleagues and personally trusted people. A former coworker who spoke with Thairath Money became a victim when Jom borrowed money in April 2025, claiming illness and hospitalization, promising repayment by August but ultimately fleeing with the funds.
Several company employees were also defrauded of millions baht through Private Allocation investment solicitations.
After interviewing multiple victims and gathering evidence, Thairath Money found Jom employed a stepwise, often consistent method to approach victims.
Jom presented real startup projects that KXVC was allegedly investing in, claiming he had Private Allocation at pre-sale prices, usually inaccessible to retail investors and reserved for institutions or major investors.
Several victims reported that Jom cited special quotas obtained through direct talks with founders or claimed "KXVC was considering investing in this project," convincing victims it was an exclusive institutional deal unavailable elsewhere, often involving well-known projects in the industry.
Jom showed pitch decks and supporting documents from actual projects KXVC received, lending strong credibility and leaving victims with no reason to doubt.
When victims agreed to invest, Jom allegedly altered SAFT (Simple Agreement for Future Tokens) contracts originally made for KXVC by inserting his own name and attaching a passport copy, creating the appearance of legitimate legal agreements.
Later investigations revealed these contracts were genuine documents that had been forged. One victim said they had to repeatedly request Jom for the contract, which arrived hastily done, even containing a misspelled email address (@gmailkl.com).
To maintain subtlety, Jom tightly controlled information. Multiple victims said he warned them never to share documents or inquire about the projects with founders, citing business confidentiality between him and the projects. Given that confidentiality is normal in VC deals, victims accepted these conditions without question.
However, some victims who had contacts with project founders cross-checked and found the deals did not exist.
Jom did not initially solicit large investments but used psychology by privately messaging close contacts that "I have a private deal but need an extra 3,000–5,000 USD to complete it." Out of courtesy as partners or colleagues, victims transferred funds, unaware this was the start of much larger losses. One victim told Thairath Money they invested in over 15 projects, losing about 5 million baht, making small transfers over a year starting in 2023.
Besides these methods, when victims refused to provide money, Jom resorted to new tactics such as charging miscellaneous fees post-investment. One victim investing in April 2025 in three projects of about 30,000 USD each declined new offers.
Jom then demanded additional payments of thousands of USD for reasons like token insurance, advisory fees, or quota rights maintenance.
Victims paid to avoid losing prior investment rights. When they refused further payment, Jom switched to directly borrowing money, promising to buy tokens and repay the next day.
One of the most serious tactics was proposing to set up a new Parallel Fund, claiming authorization from senior executives.
This fund would raise capital from the public or High Net Worth Individuals to invest alongside the main fund, or sometimes claiming the parent company was launching a new fund. Some victims said Jom enticed them by waiving management fees, charging only performance fees instead.
Thairath Money spoke with multiple victims who noted irregularities became apparent in late 2024 through early 2025, when projects reached their Token Generation Event (TGE), the day investors expected to receive their long-awaited tokens.
While some public investors received tokens normally, anyone investing through Jom's deals received nothing. When confronted, Jom deflected, citing project delays or changed terms.
Some suspicious victims contacted project founders directly, who replied that no personal quotas were allocated to Jom or that they did not even know him.
One victim said when cornered, Jom's final excuse to all victims was "I was scammed too."
One of the most painful cases involved a victim who invested in a project in 2022 at about 5 cents per token. If Jom had truly invested the funds, when the token price rose nearly 100-fold to around 5 USD, the victim should have received up to 50 million baht. However, not a single token was delivered.
This victim last contacted Jom on 27 June 2025. Thereafter, Jom completely disappeared, consistent with another source stating Jom's last message to a victim was on 30 October 2025, containing only an apology without admitting fraud, before vanishing.
A crypto industry source and victim told Thairath Money that the estimated principal loss is about 30 million USD or 1 billion baht, excluding the value of tokens victims would have received if the deals were genuine. This could be much higher. Over 50 victims are involved, from Web2 and Web3 sectors, located in Thailand, Singapore, Hong Kong, the USA, Japan, and Israel. Some are prominent figures in the field, with individual losses ranging from tens of thousands of baht to millions of USD.
One source analyzed for Thairath Money that Jom's later scheme clearly resembles a Ponzi-style operation: initially defrauding Web3 insiders, then when they caught on and demanded refunds, shifting to new groups like Web2 investors to cover old debts, continuously cycling funds.
As his network in Thailand became aware and pressured him, Jom expanded victims internationally. Some foreign investors reportedly lost between 500,000 to 1 million USD, according to multiple sources.
Given Jom's reputable background in finance and technology, many wonder why he would defraud so many. One victim who sought a face-to-face meeting to uncover the truth alleged that Jom "was addicted to Futures gambling until his portfolio collapsed," using victims' money to trade in highly risky markets. Thairath Money could not independently verify this claim.
Another victim speculated that Jom might not have initially intended to run a Ponzi scheme, but started trading leveraged Futures with victim funds, losing his portfolio and then resorting to ongoing fraud to cover losses. Evidence includes Jom often consulting the victim about market directions and "Revenge Trading"—attempting to recover lost funds through trading.
Another source described Jom's approach as a "0 and 1 game"—if he succeeded with huge profits, he could repay everyone and keep them happy, but if the result was zero, the entire system collapsed.
Despite this, many victims have filed police reports, leading to two summonses and eventually an arrest warrant. However, Jom fled the country through immigration checkpoints one day before police issued a summons.
He is believed to have traveled to Japan and possibly onward to the United States. There are unconfirmed reports of him seen in an Asian supermarket in Los Angeles. Meanwhile, victims are pursuing both civil and criminal legal actions.
All victims interviewed by Thairath Money questioned the transparency of the parent organization.
A source, a former colleague of Jom, said Jom resigned due to health issues, and the company was contacted about his behavior as early as March 2025.
Publicly verifiable organizational timeline is as follows:
- 31 March 2025: Jom resigned, with team members informed it was due to "health problems."
- 2 April 2025:KX posted on LinkedInan announcement appointing a new executive, effective May 2025.
- 21 November 2025: KXVC announced on its website that Jom was no longer an employee, effective 31 March 2025.
However, this may not be the first or only case in the country. Victims need to come forward to share information to reduce further damage and prevent similar incidents from recurring.