Four people face charges in Taiwan for allegedly orchestrating a cryptocurrency scam that tricked victims into purchasing over NT$50 million (about US$1.5 million) worth of Tether (USDT), the popular stablecoin.

The Keelung District Prosecutors’ Office said the suspects, identified only as Li, Hong, Dai, and Zhang, worked with overseas fraud groups to target victims through LINE chat groups, according to a September 5 Taiwan News report.

Scammers First Tried to Sell Victims on Stocks

Posing as investment advisors, the scammers first persuaded people to invest in stocks. Then, having gained the victims’ trust, they shifted the conversation to cryptocurrency.

The four suspects then greased the rails for the illicit transactions by showing victims how to buy Tether and set up cryptocurrency wallets. They made fake websites and apps to verify the transactions and build trust further.

Then, after the victims transferred funds to buy up Tether, the suspects withdrew the money and delivered it to the scam’s leaders.

At least 10 victims have been identified so far, with the largest individual loss over NT$4 million (around US$144,000).

Tether is the most popular stablecoin on the market. By design, one Tether token should be equal to one US dollar. Its next biggest competitor, Circle’s USDC, has around ha

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Author: Josh Adams

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