The Taiwanese police arrested 14 suspects in a $5.4 million worth crypto scam that defrauded more than 100 people over the past year. The local news site the Taipei Times reported the news as we are reading more today, in our cryptocurrency news.

According to teh reports, the Criminal Investigation Bureau charged the 14 suspects and these charges include fraud, money laundering as well as breach of the Organized Crime prevention act. The incident is just one among the growing number of cryptocurrency scams that occurred recently. According to the CIB investigator Kuo Yu-Chih, a businessman named Chen led the scheme and promoted crypto investment on social media. He was also running Azure Crypto co, a Taipei-based platform that offered investment services as well as crypto transactions. Kuo said that Chen’s investment schemes focused on cryptos like ETH, Tronix, and Tether but added that he even promised higher investment earnings through the blockchain industry:

“Chen and his staff set up Web sites, and allegedly used photographs of pretty women to attract mainly male victims, many of whom were in retirement with substantial savings.”

Based on the reports, the attractive images on the websites drew the victims, and Chen and his staff pretended to be women while convincing them to invest in crypto schemes. As per teh investigator, they presented themselves as financial advisers that specialize in crypto mining. The investigators seized records listing more than 100 people getting caught up in the scam as the bureau added. The CIB started monitoring the company’s activities and online transactions after receiving complaints from one of the victims.

Total crypto market at $2.01 Trillion Source Crypto Total Market Cap from

One person lost money because they invested nearly $1.5 million over two months. As per the CIB, the man said that after the initial investment Azure Crypto promised earnings that prompted him to invest some more. After a few months of investigation, the CIB raided the company office as well as the residences of Chen and his associates. The Taiwanese police reported that there were other scams happening as well as the UK police seized crypto worth $22.25 million from operators of an international crypto scam. Similarly in the US, the former BitConnect promoter was caught running a crypto scheme worth over $2 billion as the scheme was teh biggest crypto fraud ever charged.



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