9 months ago
The constabulary successful Taiwan precocious arrested 2 individuals who are accused of deceiving 100 investors into buying fake virtual currencies. The constabulary besides apprehended 14 different participants successful the fraud strategy and recovered much than $7 cardinal successful some currency and virtual currencies.
Worthless Virtual Currencies
Taiwanese constabulary precocious arrested 2 executives of what has been described arsenic 1 of the region’s largest cryptocurrency exchanges, ACE Exchange. The arrests followed an probe which concluded that the duo had helped instrumentality 100 individuals into buying “worthless virtual currencies.”
According to a Liberty Times Net report, Lin Nan, 1 of the executives, utilized the committedness of speedy riches to lure unsuspecting radical into investing. Lin Nan’s alleged accomplice, Pan Nan, reportedly listed the fake virtual currencies connected ACE to boost their credibility. The duo was capable to perpetrate the scam for 3 years earlier instrumentality enforcement agencies caught up.
In summation to arresting the duo, constabulary besides apprehended 14 individuals astatine 15 locations dispersed crossed Taipei, New Taipei, and Taichung. A raid connected Lin Nan’s residence saw the constabulary retrieve much than $3.6 cardinal (111.52 cardinal yuan) successful currency and virtual currency worthy conscionable implicit $3.4 million. The Taiwanese constabulary estimation the full worth losses associated with Lin Nan and Pan Nan’s fraud strategy astatine implicit $36 million.
After their interrogations, Lin Nan, Pan Nan, and the 14 different individuals were taken into custody. They are acceptable to beryllium charged nether the region’s Criminal Code, the Money Laundering Prevention Act, and the Banking Act.
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