Bitcoin Trading Scam Man “Ho” Arrested By the Taiwan Police

Taiwan PoliceTaipei (臺北)– The executive of Digital Bitcoin Company was captured and gave over to the Taichung District Prosecutors Office, Criminal Investigation Bureau (CIB) authorities said in Taipei Friday.  Nearby compelling voices in Taiwan are said to have captured a man accepted to have coordinated a bitcoin exchange scam.

The man, distinguished by police just by his surname Ho, amassed more than NT$10 million (US$306,523) and made misfortunes 49 clients in a month through extortion, rupture of trust and archive fraud, the police said. Ho duped around 49 clients out of generally $300,000 subsequent to promising outsized profits for a bitcoin edge exchanging platform. Reports demonstrate that Ho told financial specialists in January 2015 that they would get a benefit after major market players purchased their bitcoins at a higher cost.

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However, Ho seems to have done the inverse, as indicated by the report, which expressed:

“Ho simply changed the company’s server settings and turned his customers’ bitcoins into his own. He then publicly claimed that his company was being hacked online and shut down his operation, the police said.”

The report further shows that Ho may have confronted obligation issues, as police apparently told Central News Agency that he “owed money to loan sharks”.

Ho set up the organization in June 2014. In January 2015, he dishonestly asserted that significant business sector players needed to purchase bitcoins at a high cost, drawing in numerous clients to purchase bitcoins for affirmed edge exchanging theory, as per the Telecommunications Investigation Corps under the CIB.

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Ho basically changed the organization’s server settings and transformed his clients’ bitcoins into his own. He then freely asserted that his organization was being hacked online and close down his operation, the police said.

The capture highlights the commonness of computerized cash tricks in Asia that have focused on unsophisticated speculators with guarantees of enormous returns. Last August, nearby powers captured two people fixing to the MyCoin scam, which brought about millions in misfortunes.

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