Home Bitcoin News Bitcoin Scam 14 Suspects in Cryptocurrency Investment Scam Arrested in Taiwan – Featured Bitcoin News

14 Suspects in Cryptocurrency Investment Scam Arrested in Taiwan – Featured Bitcoin News

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Fourteen suspects allegedly behind a cryptocurrency rip-off have been arrested in Taiwan. Based on the nation’s Legal Investigation Bureau, the scheme has defrauded traders out of thousands and thousands of {dollars}.

Suspects Behind Crypto Rip-off in Taiwan Arrested

The nation’s Legal Investigation Bureau (CIB) defined that the crypto rip-off allegedly defrauded greater than 100 individuals out of about NT$150 million (US$5.41 million) over the previous yr. The suspects now face prices of fraud, cash laundering, and breaches of the nation’s Organized Crime Prevention Act, the Taipei Occasions reported Sunday.

Kuo Yu-chih, the CIB investigator answerable for the case, defined {that a} businessman with the final identify Chen is believed to be the mastermind behind the fraudulent crypto scheme. He added that the scheme targeted on cryptocurrencies ethereum, tronix, and tether. Chen additionally led the Taipei-based Azure Crypto Co., which supplied cryptocurrency and different funding providers.

The investigator detailed that Chen promoted crypto investments on social media, promising excessive earnings. He elaborated:

Chen and his workers arrange web sites and allegedly used pictures of fairly ladies to draw primarily male victims, lots of whom had been in retirement with substantial financial savings.

The enticing photos drew the victims to the web sites the place they had been persuaded to speculate through interactions with whom they believed to be the enticing ladies, Kuo mentioned. Chen and his workers claimed to be monetary advisers specializing in cryptocurrency mining.

The bureau revealed that investigators seized ledgers containing the main points of greater than 100 individuals who invested within the scheme.

Previous to the arrests, the police monitored the scheme’s actions and on-line transactions for a number of months after receiving complaints. The bureau subsequently carried out raids late final month on the firm’s workplace and the residences of Chen and his workers.

What do you consider this crypto rip-off in Taiwan? Tell us within the feedback part beneath.

Picture Credit: Shutterstock, Pixabay, Wiki Commons

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