Two Executives Arrested for Deceiving Investors in Taiwan’s Largest Cryptocurrency Exchange

Arrest of Executives

The police in Taiwan have recently apprehended two executives of ACE Exchange, one of the largest cryptocurrency exchanges in the region. These arrests come after an extensive investigation, which revealed that the duo had deceived around 100 investors into purchasing worthless virtual currencies.

Deceptive Tactics

Lin Nan, one of the executives, allegedly enticed unsuspecting individuals by promising them quick wealth through their investments. To enhance the credibility of the fake virtual currencies, Lin Nan's alleged accomplice, Pan Nan, listed them on ACE Exchange. This fraudulent scheme had been going on for three years before the authorities finally caught up with the perpetrators.

Apprehension of Participants

In addition to the arrest of the two executives, the police also apprehended 14 other individuals involved in the fraud. These arrests took place at 15 different locations in Taipei, New Taipei, and Taichung. During a raid at Lin Nan's residence, the authorities recovered over $3.6 million in cash and virtual currency, amounting to just over $3.4 million in total.

Estimated Losses

The total value of losses associated with Lin Nan and Pan Nan's fraudulent scheme is estimated to be over $36 million. This staggering amount emphasizes the extent of the deception and the significant impact it had on the victims.

Legal Consequences

Following their interrogations, Lin Nan, Pan Nan, and the 14 other individuals were taken into custody. They are expected to face charges under the Criminal Code, the Money Laundering Prevention Act, and the Banking Act of the region. These charges reflect the seriousness of their actions and the need to hold them accountable for their fraudulent activities.

It is crucial for investors to remain vigilant and conduct thorough research before engaging in any investment opportunities, especially in the cryptocurrency market. By staying informed and cautious, individuals can protect themselves from falling victim to such scams.

Frequently Asked Questions

Is gold a good investment IRA?

Anyone who is looking to save money can make gold an excellent investment. It can be used to diversify your portfolio. There's more to gold that meets the eye.

It has been used as a currency throughout history and is still a popular method of payment. It is sometimes called the “oldest currency in the world”.

But gold, unlike paper currency, which is created by governments, is mined out from the ground. It is very valuable, as it is rare and hard to create.

The supply and demand factors determine how much gold is worth. The economy that is strong tends to be more affluent, which means there are less gold miners. The result is that gold's value increases.

On the flip side, people save cash for emergencies and don't spend it. This leads to more gold being produced which decreases its value.

It is this reason that gold investing makes sense for businesses and individuals. You will benefit from economic growth if you invest in gold.

You'll also earn interest on your investments, which helps you grow your wealth. If gold's value falls, you don't have to lose any of your investments.

What precious metals could you invest in to retire?

Gold and silver are the best precious metal investments. Both can be easily bought and sold, and have been around since forever. If you want to diversify your portfolio, you should consider adding them to your list.

Gold: This is the oldest form of currency that man has ever known. It's stable and safe. This makes it a good option to preserve wealth in uncertain times.

Silver: Silver has been a favorite among investors for years. This is a great choice for people who want to avoid volatility. Unlike gold, silver tends to go up instead of down.

Platinum: A new form of precious metal, platinum is growing in popularity. It's like silver or gold in that it is durable and resistant to corrosion. It is, however, more expensive than its competitors.

Rhodium: The catalytic converters use Rhodium. It's also used in jewelry making. It is also quite affordable compared with other types of precious metals.

Palladium (or Palladium): Palladium can be compared to platinum, but is much more common. It's also more accessible. For these reasons, it's become a favorite among investors looking to add precious metals to their portfolios.

Which precious metal is best to invest in?

The answer to this question depends on how much risk you are willing to take and what type of return you want. While gold is considered a safe investment option, it can also be a risky choice. Gold may not be right for you if you want quick profits. If you have the patience to wait, then you might consider investing in silver.

If you don’t want to be rich fast, gold might be the right choice. However, silver might be a better option if you're looking for an investment that provides steady returns over long periods.

Statistics

Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
(Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
You can only purchase gold bars at least 99.5% purity. (forbes.com)
This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)

External Links

How To

Tips for Investing Gold

Investing in Gold is a popular investment strategy. There are many benefits to investing in gold. There are several options to invest in the gold. There are many ways to invest in gold. Some prefer buying physical gold coins while others prefer gold ETFs (Exchange Traded Funds).

Before buying any type gold, it is important to think about these things.

First, check to see if your country permits you to possess gold. If the answer is yes, you can go ahead. Otherwise, you can look into buying gold from abroad.
The second is to decide which kind of gold coin it is you want. You can choose between yellow gold and white gold as well as rose gold.
You should also consider the price of gold. Start small and move up. You should diversify your portfolio when buying gold. Diversify your investments in stocks, bonds or real estate.
Lastly, you should never forget that gold prices change frequently. You need to keep up with current trends.

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By: Terence Zimwara
Title: Two Executives Arrested for Deceiving Investors in Taiwan's Largest Cryptocurrency Exchange
Sourced From: news.bitcoin.com/report-taiwan-police-arrest-crypto-exchange-bosses-accused-of-fraud/
Published Date: Sun, 07 Jan 2024 08:30:44 +0000