Trapped in the Pit of Currency Exchange Fraud: Fictitious Transactions Concealing Real Robbery, TWD 3.3 Million Stolen
A virtual currency robbery occurred in Taichung, Taiwan, where a 31-year-old cryptocurrency trader conspired with his 27-year-old friend to carry out a fake transaction and successfully deceived and robbed a man of NT$3.3 million in cash.
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Currency Exchange Turns into Robbery
Beware of Risks in Off-exchange Cryptocurrency Trading
37-year-old Mr. Liao originally thought he was about to engage in a Tether (USDT) transaction, but instead fell into a robbery trap. In a car on Meiqun Road in Dali District, he was suddenly attacked and forced to hand over the NT$3.3 million he was carrying.
Upon receiving the report, the Wufeng Police Precinct immediately took action and quickly formed a task force to investigate. After identifying the vehicle used in the crime, suspects Lin and Chen were arrested in a short period of time.
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During the police interrogation, Lin revealed that he planned the robbery because he was heavily in debt and had no other choice.
This incident is not only the solving of a criminal case, but also a warning about the security of off-exchange cryptocurrency trading. It reminds us to remain vigilant and conduct financial transactions through legitimate and secure channels to avoid similar unfortunate events.
According to the latest list published by the Financial Supervisory Commission’s Securities and Futures Bureau on March 1st of this year, a total of 25 businesses have completed the declaration of compliance with anti-money laundering regulations. Any businesses not included in this list are considered non-compliant.
(Taiwan Cryptocurrency Industry Milestone: Official Approval of the Virtual Currency Business Association)
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Further Reading
Cryptocurrency Trader Aids Money Laundering for Fraudulent Group, Members Previously Participated in Anti-Money Laundering Courses at the Institute for Financial Research
“Handsome Official in Need of Virtual Currency Rescue”: Kaohsiung OTC Cryptocurrency Trader “Golden Bull Exchange” Involved in Fraud and Money Laundering, 18 Arrested
