Taiwan Police Arrest Crypto Exchange Bosses Accused of Fraud

Arrests Made in Taiwan Crypto Exchange Fraud Case

The police in Taiwan have made significant progress in a case involving a cryptocurrency exchange fraud. Two executives of ACE Exchange, one of the largest cryptocurrency exchanges in the region, have been arrested. The individuals are accused of deceiving 100 investors into purchasing fake virtual currencies. The police have also apprehended 14 other participants in the fraud scheme and have successfully recovered more than $7 million in cash and virtual currencies.

Deception and Fraudulent Activities

The investigation into this case revealed that the two executives, Lin Nan and Pan Nan, played a crucial role in deceiving unsuspecting individuals. Lin Nan lured investors with promises of quick riches, while Pan Nan listed the fake virtual currencies on ACE Exchange to enhance their credibility. The fraud scheme operated for a period of three years before the authorities intervened.

Significant Arrests and Recovery of Assets

In addition to the arrests of the two executives, the police have also apprehended 14 individuals involved in the fraudulent activities. The arrests took place at 15 different locations in Taipei, New Taipei, and Taichung. During a raid at Lin Nan's residence, law enforcement officers seized over $3.6 million in cash and virtual currency valued at just over $3.4 million. The total value of losses associated with the fraud scheme orchestrated by Lin Nan and Pan Nan is estimated to be over $36 million.

Legal Consequences

Following their interrogations, Lin Nan, Pan Nan, and the 14 other individuals have been taken into custody. They are expected to face charges under the Criminal Code, the Money Laundering Prevention Act, and the Banking Act of the region. The authorities are committed to bringing justice to the victims and ensuring that those responsible for the fraudulent activities face appropriate legal consequences.

In conclusion, the recent arrests made by the Taiwanese police in connection with the cryptocurrency exchange fraud case have highlighted the importance of vigilance in the cryptocurrency industry. It is crucial for investors to exercise caution and conduct thorough research before engaging in any investment activities. The authorities' swift action in apprehending the perpetrators and recovering assets demonstrates their commitment to combating fraud and protecting investors in the ever-evolving world of cryptocurrencies.

Frequently Asked Questions

How is gold taxed by Roth IRA?

Investment accounts are subject to tax based only on their current value and not the amount you originally paid. Any gains made by you after investing $1,000 in a stock or mutual fund are subject to tax.

If you place the money in a traditional IRA, 401(k), or other retirement plan, there is no tax when you take it out. Taxes are only charged on capital gains or dividends earned, which only apply to investments longer than one calendar year.

These accounts are subject to different rules depending on where you live. Maryland is an example of this. You must withdraw your funds within 60 calendar days of turning 59 1/2. Massachusetts allows you to delay withdrawals until April 1. New York is open until 70 1/2. You should plan and take distributions early enough to cover all retirement savings expenses to avoid penalties.

What does gold do as an investment?

Supply and demand determine the gold price. Interest rates also have an impact on the price of gold.

Because of their limited supply, gold prices can fluctuate. Additionally, physical gold can be volatile because it must be stored somewhere.

How much gold should your portfolio contain?

The amount of capital required will affect the amount you make. If you want to start small, then $5k-$10k would be great. As you grow, it is possible to rent desks or office space. Renting out desks and other equipment is a great way to save money on rent. You just pay per month.

It is also important to decide what kind of business you want to run. In my case, I run a website-creation company. Our clients pay us between $1000-2000/month and depending on their order. Consider how much you expect to make from each client, if you decide to do this kinda thing.

Because freelance work pays freelancers, you won't likely get a monthly income if you do freelance work. So you might only get paid once every 6 months or so.

You must first decide what kind and amount of income you are looking to generate before you can calculate how much gold will be needed.

I would recommend that you start with $1k-2k worth of gold and then increase your wealth.

Can the government seize your gold?

You own your gold and therefore the government cannot seize it. You earned it through hard work. It belongs to you. This rule may not apply to all cases. You can lose your gold if you have been convicted for fraud against the federal governments. You can also lose precious metals if you owe taxes. You can keep your gold even if your taxes are not paid.

Is gold buying a good retirement option?

Although it may not look appealing at first, buying gold for investment is worth considering when you consider the global average gold consumption per year.

Physical bullion is the most popular method of investing in gold. There are other ways to invest gold. It's best to thoroughly research all options before you make a decision.

If you don’t have the funds to invest in safe places, such as a safe deposit box or mining equipment companies, buying shares of these companies might be a better investment. If you need cash flow from an investment, purchasing gold stocks is a good choice.

ETFs allow you to invest in exchange-traded funds. These funds give you exposure, but not actual gold, by investing in gold-related securities. These ETFs often include stocks of gold miners, precious metals refiners, and commodity trading companies.


  • Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
  • You can only purchase gold bars at least 99.5% purity. (forbes.com)
  • Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
  • The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
  • If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)

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How To

Tips for Investing with Gold

Investing in Gold is one of the most popular investment strategies worldwide. Because investing in gold has many benefits. There are many ways to invest gold. Some people purchase physical gold coins. Others prefer to invest their money in gold ETFs.

Before you buy any type of gold, there are some things that you should think about.

  • First, find out if your country allows gold ownership. If your country allows you to own gold, then you are allowed to proceed. Or, you might consider buying gold overseas.
  • The second is to decide which kind of gold coin it is you want. There are many options for gold coins: yellow, white, and rose.
  • The third factor to consider is the price for gold. Start small and build up. Diversifying your portfolio is a key thing to remember when purchasing gold. You should invest in different assets such as stocks, bonds, real estate, mutual funds, and commodities.
  • Lastly, you should never forget that gold prices change frequently. Be aware of the current trends.


By: Terence Zimwara
Title: Taiwan Police Arrest Crypto Exchange Bosses Accused of Fraud
Sourced From: news.bitcoin.com/report-taiwan-police-arrest-crypto-exchange-bosses-accused-of-fraud/
Published Date: Sun, 07 Jan 2024 08:30:44 +0000

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