14 crypto fraud suspects who have appropriated $ 5.41 million have been arrested in Taiwan

14 suspects have been arrested in Taiwan for allegedly behind a cryptocurrency fraud. According to the prison investigation division of that nation, the rip-off has price buyers hundreds of thousands of {dollars}.

Taiwan arrests 14 crypto fraudsters

Taiwan’s Criminal Investigation Bureau (CIB) stated criminals defrauded greater than 100 folks and confiscated $ 5.41 million in the previous yr. The suspects at the moment are charged with fraud, cash laundering and violating the nation’s organized crime prevention regulation.

Kuo Yu-chih, the CIB investigator in cost of the case, stated the businessman with the surname Chen was the mastermind behind the rip-off. The plan focuses on Ethereum (ETH), Tronix and Tether (USDT). At the identical time, Chen can also be the top of Azure Crypto Co. in Taipei, an organization that gives cryptocurrencies and different funding companies.

The investigator stated Chen promoted crypto investments on social media and promised excessive returns.

“Chen and his co-workers have created web sites and used photos of lovely ladies to draw victims. The overwhelming majority of scammers are males, lots of whom are retired with important financial savings. “

Kuo factors out that it’s the compelling pictures that draw victims to the intricately constructed web sites. And now they let themselves be persuaded by chats with engaging “girls” to put funding funds. Behind all of it, Chen and his workers declare to be monetary advisors who specialize in mining cryptocurrencies.

Investigators confiscated a ledger with the small print of greater than 100 folks who had invested in this system. Prior to the arrest, police adopted the fraud’s exercise and on-line transactions for a number of months when the grievance was acquired. At the tip of final month, the police ransacked the workplace and went to Chen and his workers’s house.

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