Tian Dao Meng Mei Ying Hui members set up physical stores for fraud: "Investing in Tether will make money," forty people defrauded of sixty million yuan

A man surnamed Zheng, a member of the Tian Dao Alliance and the American Eagle Association, is suspected of engaging in money laundering activities using cryptocurrency trading in Taipei City. They set up a virtual currency exchange storefront, used social media platforms such as Facebook and Instagram to release attractive advertisements for Tether (USDT) investments, lured investors to join Line groups and download specific investment applications, and then deceived victims into buying coins with cash at physical stores.

"Can you make money by investing in Tether (USDT)?" Visible but Unattainable

This scam uses the name of Tether (USDT) to attract victims on social platforms. After joining the group, victims are persuaded by fake investment teachers to buy USDT for profit. Victims need to visit physical stores to pay cash for the coins, and they will see the so-called Tether deposited in the hot wallet of the application, continuously increasing. However, when they try to withdraw funds, they find themselves unable to do so. According to the police investigation, since September last year, a total of 40 people have been deceived, resulting in losses of 64.7 million New Taiwan Dollars. Among them, a retired insurance salesman in his sixties was defrauded the most, losing up to 20 million New Taiwan Dollars.

Police Raid Reveals: All Weapons

On 1/23, the police launched an operation, conducting a surprise search of the virtual currency exchange storefront, arresting ten suspects including a man surnamed Zheng. During the search, the police unexpectedly encountered a 28-year-old man surnamed Ye, carrying a paper bag containing 1.16 million New Taiwan Dollars in cash, heading to a location, indicating the complex flow of funds within the scam group. In addition, the police found various weapons and gang-themed paintings symbolizing the American Eagle Association at the site.

Driven by the Temptation of Getting Rich, Victims Let Down Their Guard with Fake Apps + Physical Stores

Many victims were lured by the promise of high profits, witnessing the increasing balance in the fake wallet app and feeling secure due to the existence of physical storefronts. Currently, the police have arrested and prosecuted individuals involved in the case, but for those victims who have suffered significant financial losses, it is undoubtedly too little, too late.

Prior to investing in cryptocurrencies or any other assets, thorough research and verification are necessary to avoid falling into elaborately designed scams. With the booming development of the cryptocurrency market, related fraudulent activities are on the rise, prompting investors to be vigilant and carefully choose their investment channels.

Furthermore, the Financial Supervisory Commission (FSC) has required over-the-counter (OTC) physical store operators to pass anti-money laundering declarations. Operators not on the approved list are considered non-compliant.

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