8 arrested suspected of NT$1.5 billion Bitcoin fraud in Northern Taiwan

It is believed over 1,000 people have been scammed through the crypto-currency scheme

Taiwan News
Date: 2018/06/23
By: Scott Morgan, Taiwan News, Staff Writer

TAIPEI (Taiwan News) – Eight people were arrested in Taipei and Taichung on June 13, on suspicion of a fraud amassing NT$1.5 billion (US$49.5 million) said the Criminal Investigation Bureau (CIB, 刑事警察局) yesterday.

The alleged fraud was a Bitcoin investment scheme, which promised investors high yields, but gave little in return, reported CNA.

The leaders of the group had established the Taiwan office of the International Reserve System, a notorious Bitcoin investment group with offices in Africa, Asia and the Middle East.

It is believed that over 1,000 people have been scammed on the promise of high yields of up to 355 percent.    [FULL  STORY]

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