The Investigation Bureau of the Ministry of Justice released a press release stating that in a large-scale operation, they successfully dismantled a criminal group involved in fraud using virtual currency, demonstrating the government’s determination and capability to combat cybercrime.
Contents:
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Composition and Investigation of the Task Force
Revelation of Fraudulent Methods
Enforcement Operation and Results: Seizure of Funds and Judicial Auction
Future Measures and Investor Warnings
The Investigation Bureau of the Ministry of Justice Taipei City Investigation Division, in cooperation with the Taipei District Prosecutors Office, led by Chief Prosecutor Tseng Yang-ling and Prosecutor Chen Wen-jin, teamed up with the New Taipei City Police Bureau Criminal Police Brigade and other units to form a task force. This operation exposed the criminal activities behind ACE Trading Platform, with the main suspect Lin and others exploiting the public’s ignorance of investing in virtual currency and their desire for quick wealth to commit fraud.
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The group mainly attracted victims through social media platforms such as Instagram and dating apps. They falsely claimed that virtual currencies such as MOCT, BNAT, and NFTC were based on blockchain technology and had promising prospects, deceiving people into believing that investing in these currencies would guarantee profits. However, these currencies are essentially electronic signals generated by low-cost computer programs, and BNAT and NFTC are not even listed on any major legitimate exchanges.
In a series of carefully planned operations, the task force mobilized hundreds of personnel, conducted searches at 25 locations, and interviewed 19 individuals. The main suspect Lin and 7 others have been detained by the court. In this operation, a total of over 180 million yuan in cash and virtual currencies worth approximately 290 million yuan were seized. These assets will be confiscated and auctioned according to legal procedures.
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The Investigation Bureau of the Ministry of Justice emphasizes that it will continue to crack down on illegal fundraising and fraud, and is committed to creating a sound and prosperous investment environment. They also remind the public to remain vigilant against investment schemes that claim guaranteed profits and high returns, and not to trust the sweet words of criminals. In addition, the Investigation Bureau calls on all investment victims involved in the case to come forward and report to assist in further investigations.
Through this operation, the legal authorities in Taipei have not only demonstrated zero tolerance for financial crimes but also reminded the public to exercise caution when investing in digital currencies to avoid falling into fraud traps.
ACE
Taipei
Fraud
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Further reading:
Cybersecurity team Blockfence: A fraudster created thousands of tokens within a year, successfully executing a Rug Pull worth over 30 million pounds.
MOCT (Magic Coupon Coin) bites back at ACE Trading Platform! Police seize over 100 million yuan in cash from Lin’s home.