Overseas Cryptocurrency Investment Scam: Fraudsters Demand Fees for Fake 5.5 Million USD Profits

A woman in Taipei received messages from an unknown financial advisor claiming her overseas cryptocurrency investment had earned 5.5 million USD in profits. She was pressured to pay 200,000 TWD in processing fees to claim the money. Bank staff and police stopped her from transferring the funds, preventing her from becoming a victim.

How the Scam Works

Scammers contact victims via messaging apps like LINE claiming they have made significant profits from overseas cryptocurrency investments. In this case, the fraudster claimed the victim had earned 5.5 million USD and attached fake account screenshots and transaction proofs to appear legitimate.

The scammer then tells the victim they must pay processing fees, taxes, or deposits upfront to receive their supposed profits. The victim in this case was pressured with messages like "Send the fee quickly or your profits won't be transferred."

Warning Signs

No memory of the investment: The victim did not recall making any cryptocurrency investment, which is a major red flag.
Unrealistic profit claims: Earning millions of USD from an investment you don't remember making is highly suspicious.
Upfront fee demands: Legitimate investment firms never require advance payment of fees to release profits.
Urgent pressure and follow-up messages: Scammers use urgency and repeated contact to prevent victims from thinking clearly.
Unexpected contact from strangers: Unsolicited investment offers from unknown people are typically fraudulent.

Prevention Tips

Ignore unsolicited investment messages: Do not engage with investment offers from strangers on any platform.
Ask bank staff about transfers: When making transfers, be honest with bank employees about the purpose. Their questions may reveal a scam.
Consult trusted people: Discuss major financial decisions with family members or trusted advisors before taking action.
Verify directly with official sources: If uncertain about an investment claim, contact the official company directly through verified phone numbers or websites.
Remember: If you don't remember making an investment, it's not real.

Where to Report

Taiwan's Anti-Fraud Hotline: 165

According to police, scammers typically use tactics involving "high investment returns" and "overseas fund transfers," then demand money for "taxes," "processing fees," or "guarantee deposits."