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14 people arrested in an alleged crypto scam in Taiwan

While the adoption rate of cryptocurrencies is growing gradually, so is the rate of crypto scammers. The Investigation Bureau of Taiwan arrested 14 people for their alleged role in a crypto scam in a recent case.

The Crime Investigation Bureau (CIB) of Taiwan explained that the crypto scam took out more than $5 million worth of crypto assets. Moreover, the scam defrauded more than 100 people over the past year. Now, the suspects will face charges of fraud & money laundering.

The investigator-in-charge, Kuo Yu-Chih, talked about the mastermind behind the scam. According to him, a businessman with the last name Chen devised the whole plan. Also, the scam focused on Ethereum, Tether, and Tronix.

Moreover, the investigator also added that Chen led Azure Crypto Corporation. This company offered crypto and other investment services. Also, he often aired his crypto promotions on social media. He added:

Chen and his staff set up websites and allegedly used photographs of pretty women to attract mainly male victims, many of whom were in retirement with substantial savings.”

Due to the attractive images on the website, victims unknowingly invested via interactions with who they perceived as attractive women. Moreover, Chen and his staff claimed as financial advisors, specializing in crypto mining.

The bureau stated that after the arrests, the investigators seized more ledgers containing the details of more than 100 people. In fact, we had previously mentioned that the scam had defrauded more than 100 people.

Also, the police had been monitoring the scheme’s activities for quite some time. This is after many people complained about it. Post that, the bureau conducted raids late last month at the company’s office.

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