More Than A Dozen Of Suspects Arrested In Taiwan For $8 Million Crypto Scam

About 15 people were arrested in Taipei, Taiwan for being included in an alleged crypto scam worth approximately $8 million according to the announcements of Taiwan’s Criminal Investigation Bureau that reached our crypto news today.

The scam was focused on a cryptocurrency named IBCoin which was meant mainly to attract investors. 2018 was already a bad enough year for the crypto industry when talking about scams since there were about $3 billion in losses reported and this current one is probably the biggest one in all Asia.

The CIB made the announcement on Saturday that they have successfully arrested 15 suspects that took part in the scam that defrauded more than 30 investors out of more than $8.15 million.

Though there aren’t any clear details at this moment, the CIB’s investigation Corps chief Li Chi-hsun confirmed that the 15 suspects have been detained after two raids that happened on January 9 and January 17. He also confirmed that the ringleader of the group has also been apprehended.

The ringleader now only known as Li used his connections to buy IBCoins for only NT1.5 a piece in 2017 and later made the investors purchase the same coin for NT50-100 a piece while promising huge returns on their investment.

The group used the money to afford luxury apartments and cars which they posted pictures of on social media to lure investors and buy the coin.
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Of course, the investors who invested their money never received any return on their investment.

According to local authorities, the IBCoin is basically worthless. They also seized only a small portion of the money about $70,000.

All of the suspects are charged with fraud and the case has been handed to the Taipei District Prosecutors Office.