Local authorities in Taiwan are said to have arrested a man believed to have orchestrated a bitcoin trading platform scam.
reports that a man identified only as Ho defrauded as many as 49 customers out of roughly $300,000 after promising outsized returns on a bitcoin margin trading platform. Reports indicate that Ho told investors in January 2015 that they would receive a windfall after "major market players" bought their bitcoins at a higher price.
Yet, Ho appears to have done the opposite, according to the report, which stated:
The report further indicates that Ho may have faced debt problems, as police reportedly told CNA that he "owed money to loan sharks".
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