In Taiwan, 14 people were arrested on charges of money laundering, investor deception and cryptocurrency fraud totaling $5.4 million. Local media report.
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According to investigators, a Taiwanese businessman named Chen headed a Taipei-based firm Azure Crypto. It provided investment services and dealt with digital assets Ethereum, Tron and USDT.
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Chen and his associates promoted earnings from cryptocurrencies on social media and created dedicated websites, promising potential investors high returns.
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The scheme’s organisers claimed to operate as financial advisers and to be involved in cryptocurrency mining.
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Taiwanese police began investigating Chen’s activities after a string of complaints received over several months.
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In late August, police conducted a raid on the Azure Crypto office and seized accounting records. The Taiwan Criminal Investigation Bureau found that over the past year the scheme’s organisers defrauded more than 100 people of 150 million New Taiwan dollars (about $5.4 million).
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Chen and his accomplices are suspected of fraud, money laundering, and breaches of the Prevention of Organized Crime Act.
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Earlier, former BitConnect director and promoter Glenn Arcaro pleaded guilty to participating in a fraudulent scheme that defrauded investors of more than $2 billion in cryptocurrencies.
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