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The representation of the Bitcoin cryptocurrency is visible in this illustrative photo
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Taiwan police administration arrested 14 people in cryptocurrency investment scam that defrauded investors of about $ 5.41 million, local news site report says of Taiwan, the Taipei Times.
The report, which cites information from the Taiwan Criminal Investigation Bureau, says the suspects are charged with both fraud and money laundering.
According to CIB investigator Kuo Yu-chih, a businessman with the last name “Chen” led the program and promoted cryptocurrency investments on social media. Chen is also said to have run Taipei-based Azure Crypto Co, a platform offering cryptocurrency transaction services.
“Chen and his team created websites and allegedly used photographs of pretty women to attract mostly male victims, many of whom were retired with substantial savings,” Kuo told the Taipei Times.
Additionally, Chen and his team have presented themselves as financial advisors specializing in mining cryptocurrencies, Kuo said.
The alleged fraudster focused on the ether, tether and tronix, and promised victims high returns on their investment through blockchain technology, he added.
According to the Taipei Times, more than 100 people were involved in the scam, and one person who lost the most invested more than $ 1 million in two months.
The news comes as cases of fraud in the cryptocurrency space hit record highs. Analysis last week found that 32 hacking and fraud incidents worth a total of $ 2.99 billion have taken place so far in 2021. That’s on the way to shattering the 38 cases identified in 2020.
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