Fifteen Suspects Accused of Scam in Cryptocurrency Were Arrested in Taiwan

Fifteen Suspects Accused of Scam in Cryptocurrency Were Arrested in Taiwan

According to a report by an English-language local media Focus Taiwan on January 26, Taiwan Police has arrested 15 suspects of defrauding and stealing millions of Dollars from IBCoin cryptocurrency.

The year 2018 was not good for encryption industry. During this year, $3 billion loss was incurred on its investors through cryptocurrency frauds. This case of fraud is one of the biggest ones in Asia in 2018 which has drawn many people’s attention in Taiwan.

Li Chi-hsun, Taiwan’s Criminal Investigation Bureau (CIB)’s Investigation Corps chief research head, remarked in a press conference that 15 suspects were arrested with their leader nicknamed Lin, in two raids on January 9 and 17; this delinquent group leader was among those arrested. It seems that the arrested suspects are accused of fraud and the case has been delivered to Taipei District Prosecutors Office; this office will determine the official date of the trial.

The reports imply that this fraud was about a cryptocurrency called IBCoin.

IBCoin is a cryptocurrency similar to Bitcoin. Bitcoin cryptocurrency which is founded on Blockchain is the most popular cryptocurrency of the world; however, it has been prohibited in Taiwan.

Moreover, it has been told that this group has stolen up to 250 million of Taiwan Dollar worth of 8.16 USD through defrauding 30 investors in Taiwan. The delinquent group has deceived investors in encryption industry and incited them to buy IBCoin cryptocurrency to the worth of $50 to $100 (about $1.63 to $3.27) per unit, and they have been promised to have manifold investment returned to them; though they were never realized.

In fact, during this fraud, this group has used the investors’ assets and made a lavish life with luxurious vehicles and their pictures have been shared in social networks such as Facebook to deceive investors. After IBCoin investors buy them, they will never receive any investment return.

This fraudulent group leader has purchased the aforementioned tokens to the value of 1.5 Taiwan Dollar (less than $0.05) per unit in 2017; then, they asked their cooperators to sell the tokens in the range of 50-100 Taiwan Dollar (about $1.63 to $3.27) per unit and give a high return promise to the buyers.

Local authorities have remarked that IBCoin cryptocurrency was solely a fraud technique and it doesn’t have a real value. In a part of these frauds, Taiwan CIB has seized $2.02 billion of Taiwan dollar equal to 70.000 USD. The other items include a lot of luxurious cars and documents such as the written plan of Taiwan IBCoin cryptocurrency fraud.

Early this month, a piece of news was published denoting that Indian Police has arrested one of the group members alleged to defraud 5 billion Rupiah in the field of cryptocurrency.

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