Seven individuals face charges for their involvement in a fraudulent crypto scheme using the Line messaging app.

Tech Firm Executive Indicted for Multi-Million Dollar Cryptocurrency Fraud

A tech firm executive in Taiwan, Lin, has been indicted for his role in a cryptocurrency fraud scheme that collectively cost victims nearly NT$97.43 million (US$3.17 million). The indictment, filed on August 14, 2022, also implicates seven other individuals who are charged with defrauding 35 victims through the messaging app Line.

The scheme involved the suspects posing as cryptocurrency dealers on Line and luring victims to invest in Tether. Once the investments were made, the suspects, including Lin, signed Tether contracts with the victims and collected their money. However, instead of investing the funds, the suspects transferred the cryptocurrency to the victims' Line wallets, committing fraud and money laundering.

Four of the victims lost more than NT$10 million each, and among the victims, five were each scammed out of more than NT$5 million. The fraud took place over a six-month period from February to August 2021 and occurred nationwide in Taiwan.

Lin, a 37-year-old, joined the scheme after being introduced to it by a man surnamed Yang. He even recruited his staff and family members to participate in the scheme. Lin and six others were indicted on charges including aggravated fraud.

Prosecutors sought prison sentences of three to nine years for the suspects and cited their denial of involvement and lack of remorse as aggravating factors. A court order was requested to seize Lin's houses and four plots of land to secure recovery of illicit gains.

However, there is no information available about the person who offered to handle the Tether investments of the 35 victims or when this offer was made. The investigation is still ongoing, and further details may be revealed in due course.

Seven individuals face charges for their involvement in a fraudulent crypto scheme using the Line messaging app.