73-year-old man in Kaohsiung thought he made 27 times profit on cryptocurrency investment, ended up losing his retirement savings to a scam

In the dazzling world of cryptocurrency, not every sparkle is gold. Mr. Li from Kaohsiung is a victim of the dark side behind this glitter. He thought he had made huge profits from investing in cryptocurrency, only to realize at the last moment that he had fallen into a trap carefully set by scammers.

Elderly Man Puts Retirement Savings into AI-Managed Investment, Believing in 20 Million Profit

An elderly man surnamed Li, 73 years old from Kaohsiung, joined a virtual currency investment group in early January and was encouraged by the group to download an application called "AI Managed Trading Tool." This app claimed to automatically handle investments, and Li trusted it enough to invest his retirement savings of 820,000 NTD in batches.

App Shows 27-Fold Profit, But Withdrawal Requires Verification Fee

As the Lunar New Year approached, Li saw his account balance on the app reach a staggering 22.45 million NTD, almost 27 times his initial investment. When he tried to withdraw the profits, he was asked to pay a verification fee of 450,000 NTD, causing anxiety for Li who had initially planned for a prosperous new year.

Truth Revealed After Reporting to Police

Following his family's advice, Li decided to seek help from the police. With the assistance of the authorities, a counterfeit money exchange operation was carried out at a coffee shop in Sanmin District, Kaohsiung, successfully exposing the fraud ring. Surprisingly, the scammers turned out to be a 17-year-old teenager who claimed he was only hired to carry out tasks.

Teenager Referred to Juvenile Court

The case was eventually transferred to the Kaohsiung Juvenile and Family Court for fraud charges, serving as a reminder to the public to remain vigilant in the field of virtual currency investments and not easily believe in high return promises to avoid falling into the traps set by scammers.

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