"Taiwan Anti-Fraud Organization Helps You Recover Coins?" Taichung woman falls victim to double fraud, loses one million Taiwanese dollars

A single woman surnamed Guo in her 50s from Taichung City, Taiwan fell victim to a double scam. At the end of last year, she first fell into an investment scam, losing NT$400,000. Hoping to recover the lost amount, Ms. Guo searched online for a solution, only to fall into another trap set by a different fraud group. Scams claiming to be able to recover lost funds are not uncommon, once again causing innocent victims of cryptocurrency fraud to suffer losses.

First Deceived by 400,000 TWD, Unable to Catch the Criminal..

Guo, a woman, initially fell victim to an investment scam, resulting in a loss of 400,000 TWD. Despite filing a report with the police, the scammer was not caught, making her more eager to recover the lost amount.

"Can Help You Recover the Coins" Fooled Again

During her search for a solution, an advertisement on Facebook caught her attention. It was from a group claiming to be the "Taiwan Anti-Scam Organization," asserting the ability to use hacker techniques to recover the defrauded amount. The woman was lured by the ad and unfortunately fell for it again, losing even more money.

Scam Method: Posing as Legal Aid and Hacker Techniques

This so-called anti-scam organization used a fake lawyer claiming to be from the "Taiwan Public Interest Legal Aid Organization" to present a seemingly reasonable but entirely fake solution to Guo. They claimed that the money Guo lost had flowed into a gambling website called "Yongli Entertainment City" and proposed a plan to recover the losses by sending another remittance to implant a program that would "create platform odds loopholes."

Victimized Again for 600,000 TWD in Romance Scam

Guo, without any doubt, followed the instructions and sent 500,000 TWD worth of Tether (USDT) and 100,000 TWD in cash as collateral. In the process, she was even charmed by the good-looking man on the other side, thinking she had found true love online. Eventually, when she realized she had been scammed again and both the person and the money were nowhere to be found, she hurriedly reported the incident to the Taichung police.

Police: Exploiting the Helpless Psychology in Cryptocurrency Scams

The Taichung City Police Criminal Investigation Brigade revealed that scam groups extensively advertise on social media, exploiting people's psychological need for help with this new type of scam that claims to assist victims in recovering their losses. The police remind the public to be cautious when faced with scams, not easily believe unverified promises of recovery services, and always seek help through proper channels.

This incident not only highlights the sophistication and variability of scam methods but also underscores the need for increased vigilance in dealing with online information. In the face of scams, maintaining vigilance and making careful choices are essential skills that everyone should cultivate.

Seeking Help Through Proper Channels? Virtual Currency Crimes Nearly Unsolvable

Although cryptocurrency flows are transparent, once they enter self-custody wallets or non-mainstream exchanges abroad, they are completely beyond regulatory control.

While there are sporadic cases of solving or recovering funds, if the amount defrauded is not high, it is often challenging to gain attention.

From the current cases of cryptocurrency scams in Taiwan, it is almost always scam groups collaborating with exchanges, using a scam method of "love + investment" to deceive victims unfamiliar with cryptocurrencies into exchanging cash for USDT, which is then transferred to wallets beyond regulatory jurisdiction.

Victims often believe that law enforcement can recover or find the suspects. However, once it involves cross-border crimes, the anonymity of cryptocurrency transactions is very high, and the flow of funds can quickly be concealed through various channels. If cryptocurrency flows do not end up in mainstream exchanges, giving them a chance to be frozen with law enforcement cooperation, they are almost impossible to recover.

Online scammers exploit the psychological hope of recovery, deceive victims with cleverly named operation fees, and make those who do not understand the world of virtual currency fall victim again.

Scammed at Your Doorstep! New Frontline of Scams in Taiwan: "Home-based Cryptocurrency Exchanges," Harder to Guard Against