Taichung woman scammed out of 8 million in group purchase of Tether, scam group falsely claims to be the Anti-Fraud Alliance.
The concept of stablecoins is gaining popularity; be cautious of related scams! According to an exclusive report by (TVBS), a woman named Yang from Taichung met someone claiming to be a member of the 'Anti-Fraud Alliance' through TikTok last year, who recommended using a 'group purchase' app for cryptocurrency investment.
The scam group claimed that as long as one buys Tether ($USDT) and lists products, they could profit from orders without needing to stock up. After initially investing over 4 million, when funds were insufficient, the netizen introduced her to a lending company, leading her to mortgage her property for a loan, ultimately resulting in losses exceeding 8 million.
Yang realized this might be a complete fraud chain, as both the cryptocurrency merchant and the lending company were introduced by the same netizen, and the three parties appeared to be cooperating.
The huge loss has severely affected Yang's emotions. Recently, after seeing a case involving a family of five in Fengyuan, Taichung, she even had suicidal thoughts and can currently only rely on psychiatric medication to maintain daily life.
Further Reading:
What is Tether USDT? Is it legal? A comprehensive analysis of the market's number one stablecoin.
There was also a similar incident in Changhua, but the victim's friend keenly noticed.
Before the (TVBS) report, there were also similar Tether fraud cases in Changhua, but the victim's friends and family had sharp instincts, preventing a tragic incident.
According to (United Daily News), a 35-year-old woman in Changhua was approached by a netizen on TikTok and joined LINE. The other party recommended a cross-border e-commerce investment platform, claiming she could profit by buying Tether at a low price through insider trading and then selling it at market price.
Fortunately, when this woman shared this investment opportunity with her best friend, her friend noticed that the cash exchange method was problematic, judged it to be a scam, and suggested reporting it to the police.
After calling the police, the officers confirmed that this was an investment fraud. She cooperated with the police to set up a sting operation, assisting in the arrest of a 40-year-old driver with the surname Luo at the agreed cash exchange location.
When police asked Mr. Luo whether he was a legal currency dealer and held a license, he admitted he did not have one and only came to withdraw money upon instructions. The police warned that online dating involving borrowing money, investment, or cash exchange is highly likely to be a scam.
Further Reading:
Taiwan shocked by 65-year-old grandma-level driver! Playing the sad card: Just want to earn a living.
Stablecoins have become the focus of the market; please be aware of related scams.
Recently, the stablecoin market has received much attention, and fraud groups have begun using Tether and stablecoins as a pretext to set traps.
(Crypto City) Previously reported that after JD announced its layout in the stablecoin market, multiple scams impersonating the company started appearing online, claiming that registering could earn you 5,000 JD stablecoins.
JD Coin Chain Technology recently clarified that it has not issued any stablecoins and has not established any related communities. All claims of obtaining JD stablecoins are suspected of fraud.
Investors should remain vigilant; when encountering any investment proposals, they should first verify with professional institutions or the 165 anti-fraud hotline, and also remind friends and family around them to avoid becoming the next victim.
(Crypto City) Cares About You: Treasure Life, Please Seek Help. If you or someone around you has psychological distress, please call:
Ministry of Health and Welfare Hotline: 1925 (Still Love Me)
Lifeline: 1995
Teacher Zhang Hotline: 1980
Youth Hotline: 0800-001-769
'Group purchase of Tether scammed 8 million! Taichung woman trapped by TikTok user, emotionally collapsed and wanted to take her life.' This article was first published in 'Crypto City.'