9 detained in NT$5 billion crypto fraud affecting nearly 1,000 victims

Taipei, Jan. 31 (CNA) Nine individuals were detained Saturday for their alleged involvement in a cryptocurrency scam that defrauded nearly 1,000 victims of more than NT$5 billion (US$158.24 million) over several years.

The Taipei District Court approved the detention of a lead suspect surnamed Chiu (邱) and eight accomplices, ordering all nine held incommunicado, the court said.

The nine suspects were arrested Friday after the Taipei District Prosecutors Office led investigators and police in simultaneous raids at nine locations.

According to prosecutors, the group promised investors safe monthly returns of between 3 percent and 7 percent through investments in cryptocurrencies known as EGT and TBT via a fake lending website.

Nearly 1,000 people were duped out of more than NT$5 billion between 2022 and 2025 after attending investment seminars hosted by the syndicate, prosecutors said.

The group was also allegedly behind a separate scam in 2023 involving fake cryptocurrency and green energy investments, which defrauded 316 people of NT$277.3 million.

In that case, Chiu and 16 individuals were indicted last December on fraud and money laundering charges. Although Chiu was initially held incommunicado, he was later released on bail, and the case remains pending trial.