According to reports, the Taiwanese police arrested 14 people who conducted an investment scam of US$5.41 million (NT$150 million) in the past year, involving more than 100 cryptocurrency investors.
CIB investigator Guo Yuzhi Said The scam was led by local businessman Chen, who operated on social media platforms. According to reports, Chen also runs Azure Crypto Co, a platform based in Taipei that provides various investment services, including cryptocurrency transactions. He explained:
“Chen and his employees set up a website that allegedly used pictures of beautiful women to attract mainly male victims, many of whom have retired and have a lot of savings.”
According to a report shared by the Taipei Times, the Criminal Investigation Bureau (CIB) has charged the suspect with fraud, money laundering and violation of the Organized Crime Prevention Act.
According to Guo, Chen and his team of scammers promised to use cryptocurrencies such as Ethereum to obtain high returns (Ethereum), TRON (Trunk) And tether (USDT) At the same time presenting himself as a financial consultant specializing in cryptocurrency mining.
After receiving a complaint from one of the victims who invested nearly US$1.5 million (over TWD 29 million), CIB began monitoring the company’s activities. After several months of investigation, CIB raided the company’s office and the residences of Chen and his associates.
The U.S. Securities and Exchange Commission cited a growing number of scams around the world Issued a new investor alert Related to investment fraud.
The US Securities and Exchange Commission stated that the main cause of fraud and exploits is the “increasing popularity” of the crypto ecosystem. The US Securities and Exchange Commission admits that investors are afraid of missing the sentiment behind it, and therefore recommends that investors weigh the risks and watch out for possible scams before investing.