Read

/send

<div class="protos"> 
 <div> 
 <div> 
 <div> 
 Four individuals posing as currency dealers have been arrested and charged in <a rel="noopener noreferrer nofollow" title="Taiwan" href="https://thebittimes.com/tag/taiwan.html">Taiwan</a> for defrauding at least 10 victims out of over NT$50 million ($1.6 million), by tricking them into buying <a rel="noopener noreferrer nofollow" title="Tether" href="https://thebittimes.com/tag/tether.html">Tether</a> (USDT). 
 As reported by CNA and <a rel="noopener noreferrer nofollow" title="Taiwan" href="https://thebittimes.com/tag/taiwan.html">Taiwan</a> News, after months of investigation prosecutors obtained court approval to detain four individuals with the surnames Li, Hong, Lai, and Zhang. Following police searches on August 29 and September 1, the four fraudsters were arrested in Keelung, a coastal city just 30 minutes northeast of Taipei. 
 After questioning, all four allegedly admitted to fraud, money laundering, and organized <a rel="noopener noreferrer nofollow" title="Crime" href="https://thebittimes.com/tag/crime.html">Crime</a>. 
 The group apparently used popular messaging app LINE to message victims, encouraging them to invest in stocks. Once trust was established, they switched to promoting USDT. 
 Victims were reportedly shown how to set up a crypto wallet and were guided towards fake sites and apps that were secretly controlled by the fraudsters. Victims’ funds were then withdrawn and transferred to an unnamed benefactor to cover tracks and avoid investigation. 
 Read more: Chinese police arrest 21 in $55M <a rel="noopener noreferrer nofollow" title="Tether" href="https://thebittimes.com/tag/tether.html">Tether</a> money laundering case 
 Prosecutors are currently investigating whether more victims were targeted. As it stands, the biggest victim identified lost NT$4 million ($144,000). 
 Crackdowns on <a rel="noopener noreferrer nofollow" title="Tether" href="https://thebittimes.com/tag/tether.html">Tether</a> fraud are occurring in China as well. In July, authorities arrested 21 individuals involved in a major <a rel="noopener noreferrer nofollow" title="Tether" href="https://thebittimes.com/tag/tether.html">Tether</a> over-the-counter trading ring that processed 380 million yuan ($55 million) in USDT. 
 Got a tip? Send us an&nbsp;email&nbsp;or&nbsp;ProtonMail.&nbsp;For more informed news, follow us on&nbsp;Twitter,&nbsp;Instagram,&nbsp;Bluesky, and&nbsp;Google News,&nbsp;or subscribe to our&nbsp;YouTube&nbsp;channel. 
 </div> 
 </div> 
 </div> 
</div> 
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/four-admit-to-1-6m-tether-scam-in-taiwan-tbt61553.html">https://thebittimes.com/four-admit-to-1-6m-tether-scam-in-taiwan-tbt61553.html</a>

Four admit to $1.6M Tether scam in Taiwan

TheBitTimes

Other articles published on Sep 5, 2023

New Survey Shows Traditional Finance Exchanges Hold Different Views On Offering Digital Asset Ser...

AI-Enhanced Scams on the Rise: Web3 Security Guru Warns of New Wave

Palantir Stock: Where PLTR Stock Price is Heading in Sep 2023?

Solana's Margin Remains Narrow As Rejection Looms At $20

Base suffers first major outage since launch

Whales accumulating XRP and QUBE, InQubeta’s vision attracts interest

Join our free newsletter for daily crypto updates!