Report: Taiwan Police Arrest Crypto Exchange Bosses Accused of Fraud

The police in Taiwan just lately arrested two people who’re accused of deceiving 100 traders into shopping for pretend digital currencies. The police additionally apprehended 14 different contributors within the fraud scheme and recovered greater than $7 million in each money and digital currencies.

Worthless Virtual Currencies

Taiwanese police just lately arrested two executives of what has been described as one of many area’s largest cryptocurrency exchanges, ACE Exchange. The arrests adopted an investigation which concluded that the duo had helped trick 100 people into shopping for “worthless virtual currencies.”

According to a Liberty Times Net report, Lin Nan, one of many executives, used the promise of fast riches to lure unsuspecting individuals into investing. Lin Nan’s alleged confederate, Pan Nan, reportedly listed the pretend digital currencies on ACE to spice up their credibility. The duo was capable of perpetrate the rip-off for 3 years earlier than regulation enforcement companies caught up.

In addition to arresting the duo, police additionally apprehended 14 people at 15 areas unfold throughout Taipei, New Taipei, and Taichung. A raid on Lin Nan’s residence noticed the police get well greater than $3.6 million (111.52 million yuan) in money and digital foreign money value simply over $3.4 million. The Taiwanese police estimate the full worth losses related to Lin Nan and Pan Nan’s fraud scheme at over $36 million.

After their interrogations, Lin Nan, Pan Nan, and the 14 different people have been taken into custody. They are set to be charged beneath the area’s Criminal Code, the Money Laundering Prevention Act, and the Banking Act.

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