Taiwan’s police have arrested 14 suspects in connection with a cryptocurrency scam that conned investors out of around $5.41 million, according to the Taipei Times. The report cited information from Taiwan’s Criminal Investigation Bureau and covers a scam that was largely active across social media.
The bureau has said that the 14 suspects face charges of fraud and money laundering.
According to CIB investigator Kuo Yu-Chih, a businessman known as ‘Chen’ led the scheme that took millions from investors’ pockets. The scheme encouraged cryptocurrency investments across social media platforms and used photos of pretty women to attract a large number of male investors.
Chen also supposedly ran a Taipei-based cryptocurrency transaction service, Azure Crypto Co. Kuo explains, “Chen and his staff set up websites, and allegedly used photographs of pretty women to attract mainly male victims, many of whom were in retirement and with substantial…