Bitcoin has attracted the attention of law enforcement agencies all over the world in recent years, yet some people still use cryptocurrency as a way to commit fraud. The chairman of Digital Bitcoin Company was arrested on fraud charges and handed over to the Criminal Investigation Bureau of Taiwan.
Trouble Looms Over Bitcoin Trader
Things have gone awry for Digital Bitcoin Company earlier today, as the company chairman has been arrested on charges of fraud. Although information remains hard to come by at the time of writing, we do know this person caused over US$300,000 in fraud losses to several dozen customers in one month.
It is not the first time Digital Bitcoin Company chairman Ho gets into troubled waters with law enforcement, as he falsely claimed. Bitcoin investors wanted to buy cryptocurrency at a premium price. This particular story took place roughly one year after founding the company back in January of 2014.
By making these allegations in 2015, Digital Bitcoin Company attracted a lot of attention from customers all over the world, as they wanted to use cryptocurrency for margin trading speculation. However since there were no buyers who wanted to buy bitcoin at these inflated prices, several users lost a lot of money in the process.
That being said, the Digital Bitcoin Company chairman did alter several server settings and ended up turning customer’s balances into his own portfolio. Additionally, he went on talking about how the company had been hacked and was forced to shut down its operations shortly after. None of this was true in the end, and law enforcement officials have been on the lookout for Mr Ho ever since.
Now that Ho has been arrested, the Criminal Investigation Bureau can commence their full investigation into the matter, and hopefully, refund affected customers. Further information regarding this issue will be made publicly available over the next few weeks, and will keep monitoring the situation as it progresses.
Source: Focus Taiwan
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