The member of Tendaomeng Meiyinghui surnamed Zheng is suspected of conducting money laundering activities using cryptocurrency trading in Taipei City. They set up a virtual currency trading storefront and used social media platforms such as Facebook and Instagram to post attractive advertisements for investing in Tether (USDT), enticing investors to join Line groups and download specific investment applications. They would then deceive victims by buying coins with cash at physical stores.
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“Can you make money by investing in Tether?” Seeing but not receiving
Police raid reveals: All weapons
The lure of getting rich drives victims to let down their guard with fake apps + physical stores
This scam uses the name of Tether (USDT) to attract victims on social platforms. After attracting victims to join groups, fake investment teachers convince them to buy USDT for profit. Victims need to go to physical stores to buy coins with cash and see the so-called Tether deposited in the hot wallet of the application, continuously increasing. However, when they try to withdraw funds, they find that they cannot operate. Police investigations show that since September of last year, a total of forty people have been deceived, with losses totaling 64.7 million New Taiwan Dollars. Among them, a retired insurance salesman in his sixties suffered the highest loss, reaching 20 million New Taiwan Dollars.
On January 23, the police launched an operation, raiding the virtual currency trading storefront and arresting ten suspects, including a man surnamed Zheng. During the search, the police also unexpectedly encountered a 28-year-old man surnamed Ye, who was carrying a bag containing 1.16 million New Taiwan Dollars in cash, heading to a base, indicating that the fund flow of the fraud group was extremely complex. In addition, the police found various weapons and gang paintings symbolizing the “Meiyinghui” at the base.
Many victims were tempted by the lure of high profits and saw the amount in the fake wallet app keep increasing, coupled with the presence of physical stores, which let down their guard. Currently, the police have arrested and prosecuted the individuals involved, but for those who have already suffered significant financial losses, it is undoubtedly too little too late.
Before engaging in investments such as cryptocurrency, thorough research and verification must be conducted to avoid falling into well-designed fraud traps. With the booming development of the cryptocurrency market, related fraudulent activities are becoming increasingly rampant. Investors should remain vigilant and carefully choose investment channels.
In addition, the Financial Supervisory Commission (FSC) currently requires over-the-counter (OTC) physical store operators to pass anti-money laundering declarations. Operators not on the list are considered non-compliant.
(Prosecutors request to include individual currency traders in the management system! FSC responds: Non-compliant operators who have not completed anti-money laundering declarations are considered illegal.)
(FSC Chairman Huang Tien-mu reveals the 2024 Financial Technology Promotion Plan, without mentioning blockchain applications.)
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