Taiwan Police Arrest Man Behind Alleged Bitcoin Trading Scam
Local authorities in Taiwan are said to have arrested a man believed to have orchestrated a bitcoin trading platform scam. Central News Agency reports that a man identified only as Ho defrauded as many as 49 customers out of roughly $300,000 after promising outsized returns on a bitcoin margin trading platform. Reports indicate that Ho told investors in January 2015 that they would receive a windfall after "major market players" bought their bitcoins at a higher price. Yet, Ho appears to have done the opposite, according to the report, which stated: "Ho simply changed the....
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Police administration in Taiwan arrested 14 people that were allegedly involved in a cryptocurrency investment scam. This scam defrauded more than 100 people out of about NT$150 million (US$5.41 million) over the past year. Local Taiwan news site – The Taipei Times – reported this news on Monday. According to the report, the Criminal Investigation Bureau (CIB) […]
MyCoin was one of the biggest scams to hit the shores of Hong Kong this year. The alleged bitcoin exchange based out of Hong Kong was in fact an elaborate Ponzi scheme that successfully managed to rip off over $387 million dollars in customer investments after they shut shop overnight earlier this year. Many South East Asian and Chinese investors were victims of this Ponzi scheme, which has got the police forces in multiple countries conducting their own investigations to ensure justice is served. Hong Kong was the first to counter some success in March after the cops there managed to....
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MyCoin is currently under investigation for running a Ponzi bitcoin scam, and two of its organizers were recently arrested in Taiwan. According to Taipei's Criminal Investigation Bureau, individuals Lu Kuan-wei and Chen Yun-fei were apprehended since they have held a few events for MyCoin. "Chen and Lu held several events for investors convincing each one to spend NT$1.62 million (US$49,600) for 90 BTC and an account with MyCoin's parent company, which would distribute 0.63 of a bitcoin every day for a total value of NT$11,000 (US$337). The investors were told that their investment would....
Investors who say they lost hundreds of thousands of pounds in an alleged cryptocurrency fraud have had no luck persuading the police that there was in fact a crime committed.