Daniel Tay admits uFun Club illegal, 11th arrest in Thailand

The
arrest of Rathawit Thiti-arounwat
last month continues to pay off, with two new warrants issued for investors in the “same network” of uFun Club investors.

The network refers to the affiliate downline genealogy Thiti-arounwat belonged to which, given the attention its receiving from police, appears to be one of the largest groups promoting uFun Club in Thailand.

One of the suspects has been apprehended, with police hunting down the other.

The duo were “two-star” members of UFUN, who allegedly have hundreds of other members down the line (in their downline).

A Two-star affiliate membership with uFun Club costs $1150, which sees the investment converted into 850 uToken Ponzi points (see
uFun Club compensation plan breakdown
for more info).

Udomchai Imrattanarak’s wife Lampan Imrattanarak and Boonsong’s wife Chananya Konsing were also taken into custody for questioning, while technological devices and financial documents were seized for further inspection.

Boonsong Jeungthanes is the second wanted suspect, still at large.

Thai police also revealed that the names of 8706 Chinese uFun investors who held accounts with UDBP Bank, have been shared with Chinese authorities for further investigation.

On Sunday it was announced that China had officially joined what is now
a coordinated international investigation
into the uFun Club Ponzi scheme.

In other uFun Club news
a thirty-five minute audio recording from Daniel Tay
has surfaced.

In it, a flustered-sounding Tay delivers what are believed to be the most recent updates from the uFun Club corporate team.

The single-most important takeaway from Tay’s recording is that uFun Club, in its current state, is illegal.

Note that Tay’s original recording is in Chinese (Mandarin), so we’re relying on
a cliffnotes translation
from BehindMLM reader Kasey Chang:

Tay denied he’s the founder, he “joined midway” 半路出家 he admits that most of UFUN is illegal, but he’s trying to convert the whole thing to legitimate enterprise (black convert to gray, gray convert to white).

uToken itself is a bubble now and there is no value behind the virtual currency

We’ve been saying as much since we first reviewed uFun Club earlier this year. There was quite obviously nothing backing the perceived value of uToken Ponzi points, other than the rate of newly invested funds and what hasn’t been withdrawn yet.

As all Ponzi schemes eventually do, it appears uFun Club has run out of invested funds. To that end Tay makes up

a bunch of excuses about how the huge profits did not get realized, but (how) some people earned up to 300% profit.

This is typical of a Ponzi scheme, where a fractional minority of early investors steal funds invested by later participants. Dollar for dollar, if everybody in uFun Club tried to “withdraw” the value of their uTokens, the scheme would collapse.

Not helping uFun Club’s cash flow crisis are ongoing reports of funds and assets seized in Thailand and China, along with the UDBP Bank

🤖 Quick Answer

What did Daniel Tay admit regarding uFun Club?

Who was arrested in connection with uFun Club in Thailand?
Rathawit Thiti-arounwat was arrested, followed by additional warrants for other investors in the same affiliate network. This represents the 11th arrest related to uFun Club operations in Thailand.

What is the cost of a Two-star affiliate membership with uFun Club?
A Two-star affiliate membership costs $1,150, with the investment converted into 850 uToken Ponzi points, enabling members to recruit downline participants and earn commissions.

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