Fifteen Alleged Operators of $8 Million Crypto Scam Arrested in Taiwan

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Police in New Taipei, Taiwan, have arrested fifteen suspects for allegedly running a cryptocurrency scam that earned them millions of dollars, English-language local media Focus Taiwan reports on Jan. 26.

According to the article, the chief of the Criminal Investigation Bureau (CIB) Li Chi-hsun said at a press conference that the fifteen suspects — including the alleged leader surnamed Lin — have been arrested in two separate raids carried out on Jan. 9 and Jan. 17.

The arrested suspects have been reportedly charged with fraud, and the case has been handed over to the Taipei District Prosecutors Office. The group allegedly defrauded over 30 people in the country of nearly NT$250 million (equivalent to about $8.16 million).

The suspects reportedly promoted IBCoin, an Ethereum (ETH) ERC20 token aiming to be a means of payment for the adult entertainment industry, according to its promotional material. The alleged fraudsters reportedly also publicized the scheme on Facebook, posting pictures of expensive cars and luxurious lifestyles to lure in new victims, Focus Taiwan reports.

Read the original article here: cointelegraph.com


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