Scam News

Perpetrators of a two-year Bitcoin investment scheme charged in court

A Taiwanese court has concluded an investigation into a Bitcoin investment scheme that spans back to the year 2016.

The Bitcoin investment scheme was carried out by seven people with Lin, a forty-seven years old Taiwanese national, being the team leader. The seven individuals have been in police custody since mid-June 2018 and they were arrested on grounds that they were contravening the country’s laws that govern multi-level marketing, among other financial laws.

According to documents filed in court, the Bitcoin investment scheme had a customer base in excess of 1,000 investors who collectively invested roughly 51 million U.S dollars.

To lure the investors into their trap, the scammer promised a 355 percent return on investment after one year.

At first, the perpetrators of the Bitcoin investment scheme were seemingly faithful and had something trickling down to the investors as promised. However, on Feb 2018, their profits started being irregular with some investors even never getting anything. In April 2018, nothing came down to the investors at all.

As reported by Focus Taiwan, a news channel, the perpetrators of the Bitcoin investment scheme:

Established an office in Taichung’s West District to attract investors from Taiwan and China, according to the indictment filed by Taichung District Prosecutor’s Office. Lin attracted investment from Fuzhou, Shanghai, Wuxi cities, as well as Pingtan County in Fujian Province.

The investigations were carried out by the country’s Investigation Bureau which is supervised by the Ministry of Justice.

Due to the price appreciation and the popularity of Bitcoin, scammers prefer to use the coin to get the attention of investors who end up in courts seeking justice. Although a Bitcoin investment scheme has never missed in the cryptocurrency space, a lack of understanding and need for quick returns on investment have led investors right into the hands of scammers.

Do you think a Bitcoin investment scheme is bound to attract a larger following than a scheme involving any other crypto coin?

Let us know your thoughts in the comments section below.


Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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