Fifteen Alleged Operators of $8 Million Cryptocurrency Scam Busted in Taiwan

Police in New Taipei, Taiwan, have arrested 15 suspects for allegedly smuggling millions of dollars worth of criminal currency, local Taiwan-based Focus Taiwan reported on January 26.

According to the article, Li Chi-hsun, head of the Criminal Investigation Office (CIB), told the press conference that 15 suspects - including the alleged leader of Lin's name - were arrested in two searches. January 9 and January 17

Allegedly the suspect was arrested for fraud, and the case was allegedly transferred to the Taipei District Prosecutor's Office. The group allegedly deceived more than 30 people in the country for nearly $ 250m (about $ 8.16m).

As reported, the suspects promoted IBCoin, ethereum (ETH) ERC20 token, which was supposed to be a means of payment for the adult entertainment industry, according to the promotional material. Alleged fraudsters have also announced on Facebook the release of expensive cars and luxury lifestyles to attract new victims, reports Focus Taiwan.

The article explains that, according to IPC, Lin bought chips at the cost of $ 1.5 (less than $ 0.05) per unit in 2017. Lin would then ask his employees to sell them for $ 50 ($ 100). USD) (1.63 USD). $ 3.27) per unit and promise high yields.

According to the report, CIB stated that no victim had ever found a return on investment and that the token had no real value because "there is currently no known company negotiating or negotiating IBCoins."

As reported recently by Cointelegraph, seven people allegedly managing a fake cryptographic investment plan are charged in Taiwan. According to a report quoting local prosecutors, the defendants are accused of violating Taiwan's banking supervision and multiple marketing laws.




Also, earlier this month, it was announced that Indian police arrested an associate in the group accused of deceiving 5 billion rupees ($ 70.5 million).

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