Taiwan Police Arrest 14 Suspects Involved in $5.4 Million Crypto Scam

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....

Fourteen suspects allegedly behind a cryptocurrency scam have been arrested in Taiwan. According to the country’s Criminal Investigation Bureau, the scheme has defrauded investors out of millions of dollars. Suspects Behind Crypto Scam in Taiwan Arrested The country’s Criminal Investigation Bureau (CIB) explained that the crypto scam allegedly defrauded more than 100 people out of about NT$150 million (US$5.41 million) over the past year. The suspects now face charges of fraud, money laundering, and breaches of the country’s Organized Crime Prevention Act, the Taipei....

The Hong Kong Police Commercial Crime Bureau (CCB) arrested five suspects that might have been involved in last month's Bitcoin investment fund scam worth $8 million. According to South China Morning Post (SCMP), the arrested individuals include three women, aged somewhere between 48 and 55, and two brothers, both in their late 30s. While the formers were accused to have had promoted the Ponzi company MyCoin, the latter are being scrutinized for collecting money from some of the victims. However, none of the arrested individuals have been charged yet, but are likely to go through a....

The Criminal Investigation Bureau has charged the suspects with fraud, money laundering and breaches of the Organized Crime Prevention Act. Taiwan’s police administration has reportedly arrested 14 people for running a $5.41-million (150 million New Taiwan dollars) investment scam over the past year, involving more than 100 cryptocurrency investors.CIB investigator Kuo Yu-chih said that the scam was led by a local businessman named Chen, who ran the operation on social media platforms. Chen was also reportedly running Azure Crypto Co, a Taipei-based platform that offered various investment....

Europol worked with Spain’s Civil Guard and Catalan police to arrest six suspects aged in connection with the scheme.