TechFlow news — According to Reference News, police in Changhua, Taiwan announced on September 10 the bust of a major cryptocurrency fraud case. A fraud syndicate led by a man surnamed Lin lured victims into investing in cryptocurrencies via social media platforms, defrauding 68 people with losses totaling up to 100 million New Taiwan Dollars (approximately 22 million RMB).
In September 2023, a man surnamed Zhan reported to a local police station that he had been deceived by an online acquaintance into joining an investment group on a social platform. He was required to deliver cash in person to purchase cryptocurrency, which he then transferred to wallet addresses provided by customer service staff from the investment platform. When Zhan attempted to withdraw cash, he was told he must pay an additional 10% of his profits as "tax" before being allowed to do so. Only after losing 3.4 million New Taiwan Dollars did he realize he had been scammed and filed a report.
After nearly a year of investigation, police successfully arrested nine suspects, two of whom have been petitioned by prosecutors for detention without bail.
