Fake Bitcoin Investment Scheme Targets Over 1000 in Taiwan
A Taiwanese couple seems to have managed to con at least a thousand people by luring them to invest into a fake bitcoin-based investment scheme. This couple reportedly orchestrated the whole program by using two well-known instant messaging applications. If it is too good to be true, then it probably is not true. Everyone should keep these words in mind whenever they are on a lookout for some investment opportunities. The same holds true for Bitcoin, for it has few additional drawbacks compared to centralized fiat currencies in terms of bad transactions. Currently, bitcoin transactions are....
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A local report has revealed that a Taiwanese couple has allegedly defrauded over 1,000 people in Taiwan with the promise of a large-yield bitcoin investment that quickly proved to be a scam. A Ponzi scheme disguised as a high-yield investment program promoted by a couple simply known with the surname ‘Shi’ have defrauded over a thousand investors in Taiwan. The high-yield investment scheme promised a 250% return on Bitcoin invested, within a month and was marketed through locally popular messaging app LINE. Higher returns beyond 250% were promised over a longer period of time. Local....
Crypto Twitter user FatManTerra explained the fake investment scheme was used to teach people a lesson about investing blindly in crypto schemes shilled by influencers. Crypto influencer FatManTerra claims to have gathered over $100,000 worth of Bitcoin (BTC) from crypto investors in an investment scheme that was later revealed as fake. The crypto researcher said he created the fake investment scheme as an experiment and to teach people a lesson about blindly following the investment advice of influencers. The account on Twitter has around 101,100 followers and is mostly known for being a....
Fourteen suspects allegedly behind a cryptocurrency scam have been arrested in Taiwan. According to the country’s Criminal Investigation Bureau, the scheme has defrauded investors out of millions of dollars. Suspects Behind Crypto Scam in Taiwan Arrested The country’s Criminal Investigation Bureau (CIB) explained that the crypto scam allegedly defrauded more than 100 people out of about NT$150 million (US$5.41 million) over the past year. The suspects now face charges of fraud, money laundering, and breaches of the country’s Organized Crime Prevention Act, the Taipei....
Authorities in Taiwan have reportedly arrested two individuals in connection with MyCoin, an alleged Ponzi scheme targeting bitcoin users. News service China Times reports that Taipei's Criminal Investigation Bureau announced on 20th August that Lu Kuan-wei and Chen Yun-fei were apprehended and charged with their involvement in the scam. Lu and Chen reportedly held a number of MyCoin-related events. The scam resulted in millions of dollars in losses in various Asian countries. Victims were duped into investing in the bitcoin investment platform, which promised outsized returns. The China....
The scheme, which has been in operation since May 2021, targeted Chinese users through social media groups and fake websites. Research by cyber security firm ESET has uncovered a “sophisticated scheme” that disseminates Trojan apps disguised as popular cryptocurrency wallets.The malicious scheme targets mobile devices using Android or Apple (iOS) operating systems which become compromised if the user downloads a fake app.According to ESET's research, these malicious apps are distributed through bogus websites, and imitate legitimate crypto wallets, including MetaMask, Coinbase, Trust....