Crypto scammers strike in Taiwan, elopes with over $5M

TL;DR Breakdown Police nab 14 suspected crypto scammers in Taiwan.Scammers duped over 100 investors of over $5m.US SEC warns investors to be cautious of investment opportunities. Crypto scammers have continued their operation globally with the most recent arrest made by Taiwan Police authorities. The Taiwan police administration has reportedly arrested 14 suspected crypto scammers after organizing a $5.41-million (150 million New Taiwan dollars) investment scam over the past year. They duped over 100 investors. According to CIB investigator Kuo Yu-Chih, the crypto scammers were led by a Taiwanese businessman named Chen. He and the crew operated via social media platforms. Chen was also reportedly running Azure Crypto Co, a Taipei-based platform that offered various investment services, including cryptocurrency transactions. “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.” The investigator also said the suspects promised high returns on crypto investments as they claimed they were financial advisers into crypto mining. The local report in Taiwan reveals that the suspects have been taken to court over fraud, money laundering allegations, and a breach of the Organized Crime Prevention Act. How Taiwan Police nabbed Chen and his other crypto scammers The group popped into the authorities’ radar when the pol...