ETmeta Metaverse platform involved in fraud raised funds for 9 months
In 2024, a metaverse platform ETmeta, marketed for 'sports enthusiasts', launched with great fanfare, but was it actually a carefully planned scam behind the scenes?
According to reports from (Liberty Times), the main suspect Liao Wenli launched the 'Diversified Sports Metaverse Aggregation Platform ETmeta', which held intensive investment briefings starting in January 2024, tapping into the metaverse, NFTs (non-fungible tokens), and blockchain gaming (GameFi) fields, painting a beautiful blueprint for sports economics to investors. However, just 9 months later, investors discovered they could not withdraw their funds.
Currently, at least 16 investors have realized they were scammed and have filed complaints; the related fraudulent amount is still awaiting further clarification by the investigation.
Image source: ETmeta promotional image ETmeta Metaverse platform involves fraud, closed after 9 months of raising funds
Launch of ETM platform coin investment plan, which can be redeemed with Tether (USDT)
The ETmeta platform also imitates blockchain project design roadmaps, claiming its development will be divided into three phases, aiming not only to launch sports quantitative funds but also to issue NFTs and the platform coin 'ETM', with the ultimate goal of using AR and VR technology to create a borderless online sports world.
To attract funds, ETmeta offers an investment plan claiming that entrusting ETM platform coins can yield a profit of 1% in a single day, or up to 2% daily for a 10-day trust, and guarantees the principal can be redeemed anytime with Tether ($USDT), enticing investors to invest.
In fact, before launching the ETmeta platform, Liao Wenli had already participated in the Millennium International Investment Consulting Company fraud case. (United Daily News) reported that he followed the instructions of a staff member surnamed Ou, held investment briefings, created company websites and promotional materials, and assisted the staff in defrauding $630,000. That staff member was later sentenced to 5 years and 4 months in prison.
Investigators launched searches and summoned the main suspect and assistant for detention and prohibition of contact.
Despite having a history of the Millennium International Investment fraud case, Liao Wenli did not learn his lesson and instead became the leader of the ETmeta fake investment platform. The case was reported by victims to the Fujian Province Investigation Office and was referred to the Taipei District Prosecutor's Office for investigation.
On August 4, investigators launched searches and summoned the main suspect Liao Wenli, his assistant Hong Yazi, and Liao's ex-wife surnamed Xu. After overnight questioning, the prosecutors believed Liao Wenli and Hong Yazi might collude and destroy evidence, and filed a request for detention with the court at dawn today (8/5), while the ex-wife surnamed Xu was released.
Currently, the case is being investigated for violations of the (Banking Act), (Anti-Money Laundering Act), and aggravated fraud charges.
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This article titled 'ETmeta Sports Metaverse involves fraud! Issuing ETM platform coins to raise funds, main suspect Liao Wenli has a history of fraud' was first published on 'Cryptocurrency City'
