Bitcoin Ponzi scheme organizers arrested in Taiwan

In the last couple of weeks, it looks like law enforcement agencies have started investigating prominent members of the bitcoin community from areas from all around the world. With this in mind, the latest reports indicate that authorities in Taiwan have just arrested two individuals that may be in direct connection with MyCoin, which is an alleged Ponzi scheme service, but also exchange firm targeting bitcoin users.

The Chinese news agency, China Times has reported that Taipei’s Criminal investigation Bureau has arrested Lu Kuan-wei and Chen Yun-fei and charged them with operating a couple of the MyCoin-related events.

Reports also indicate that the scam that the two members along with a few more have carried out resulted in millions of dollars in losses in a couple of Asian countries. Investigation shows that victims were duped into investing with the help of the MyCoin platform, which promised outsized results. Little did they know that this was all a Ponzi scheme and that winnings would be taken from the profit that other people made.

The China Times report also notes that:

“Chen and Lu held several events for investors convincing each one to spend NT$1.62 million (US$49,600) for 90 BTC and an account with MyCoin’s parent company, which would distribute 0.63 of a bitcoin every day for a total value of NT$11,000 (US$337). The investors were told that their investment would be returned to them after just four and a half months.”

Taiwanese authorities have been conducting a formal investigation into the business and the two suspects since March this year, but they finally got their first big break, which then leaded to the arrest of the two individuals.

Have you ever used the MyCoin investment platform? If yes, have you won or lost any money? Let us know your thoughts in the comment section below.

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