More than a dozen suspects have been arrested in Taipei for their part in an alleged Taiwan cryptocurrency scam that is worth in the region of $8 million. The scam surrounds a cryptocurrency called IBCoin, which was supposedly used to part investors from their cash in Taiwan.
2018 was a bad year for the crypto industry in terms of scams with a supposed $3 billion in losses due to crypto crime. This alleged crypto fraud case is one of the largest so far this year in Asia and is currently big news in Taiwan.
Taiwan’s Criminal Investigation Bureau (CIB) made the announcement on Saturday that they had apprehended 15 suspects that are believed to be part of a scam that has defrauded over 30 investors out of more than NT$250 million, which breaks down as approximately $8.15 million US Dollars.
Although details are a bit thin on the ground at this moment, the Taiwan Focus news outlet reported on a press conference held by the CIB’s Investigation Corps chief, Li Chi-hsun.