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Police hold 14 suspects in cryptocurrency scam

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  • By Jason Pan / Employees reporter

Fourteen folks have been arrested over a cryptocurrency funding rip-off that allegedly defrauded greater than 100 folks out of about NT$150 million (US$5.41 million) over the previous 12 months, police stated on Friday.

The 14 suspects face prices of fraud, cash laundering and breaches of the Organized Crime Prevention Act (組織犯罪防制條例), the Legal Investigation Bureau (CIB) stated.

A businessman surnamed Chen (陳) allegedly led the scheme, stated CIB investigator Kuo Yu-chih (郭有志), who’s in command of the case.

Chen promoted cryptocurrency funding on social media and led the Taipei-based Azure Crypto Co, which provided cryptocurrency transactions, in addition to different funding companies, Kuo stated.

Chen’s funding schemes targeted on the cryptocurrencies ethereum, tronix and tether, Kuo stated, including that Chen promised excessive funding earnings by the blockchain expertise.

“Chen and his workers arrange Websites, and allegedly used pictures of fairly ladies to draw primarily male victims, a lot of whom have been in retirement with substantial financial savings,” he stated.

The victims have been drawn to the Websites by the engaging photographs and persuaded to take a position by interactions they believed to be with the ladies, whereas Chen and his workers offered themselves as monetary advisers specializing in cryptomining, Kuo stated.

Investigators confiscated ledgers itemizing greater than 100 folks caught up within the rip-off, the bureau stated.

The one who misplaced probably the most had invested NT$29 million over two months, it stated.

Investigators quoted the person as saying that after an preliminary funding, Azure Crypto promised him earnings that prompted him to take a position extra.

After complaints, the bureau monitored the agency’s actions and its on-line transactions over a number of months earlier than conducting raids late final month on the firm’s workplace, and the residences of Chen and his workers.

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