Taiwan’s large-scale virtual currency fraud case is escalating, with ProExchange, an overseas exchange suspected of fleeing, and another related platform BESTLA has also suspended all functions. The police urge victims to report the case as soon as possible.
Table of Contents:
BESTLA provides garbage coin trading, USDG unable to redeem stable coins
Unable to find USDG contract address
Complete process for reporting cases at BESTLA and garbage coin victims
1. Fill out the Google online form
2. Go to the police station to make a statement
3. Leave the case number in the self-help community notebook
The New Taipei City Criminal Investigation Bureau strongly urges victims to protect their rights and interests. Taiwan is witnessing the largest garbage coin fraud wave in its history, with MOCT, NFTC, CSO, FIT, and others continuing to cause havoc. Yesterday, ProExchange’s community channels were completely shut down, indicating that it may have fled.
Another platform involved in the aforementioned garbage coin trading, BESTLA, which also claims to earn stable dividends with USDG, announced last week that it would temporarily suspend all functions until the government’s investigation in Taiwan is completed. Currently, there is no response from the official customer service, Telegram channel, and email, leaving users with assets on the platform unable to claim compensation.
According to information from DONG Qu, BESTLA not only provides garbage coin trading but also offers a stable coin called USDG, which allows users to lock in and receive a stable return of 6%, and can be exchanged for USDT and other stable coins. However, it is currently unable to withdraw funds, and only the troubled ProExchange exchange provides USDG trading (currently trading volume is zero). (Note: BESTLA was formerly known as USDG Wallet)
Unable to find USDG contract address
According to the official explanation, CryptoDAO is a distributed organization focused on quantitative trading and research on Decentralized Finance, and USDG is CryptoDAO’s income token. All USDT deposited into the USDG Finance wallet will be automatically minted into an equivalent amount of USDG and invested in CryptoDAO to generate expected returns. The value generated by CryptoDAO through Stake USDG will be distributed to Stake USDG representatives or participants. Users can put USDG into USDG Finance and expect rewards. However, stable coins need use cases, and USDG clearly has not gained market recognition. In addition, according to DONG Qu’s analysis, the official token contract address provided cannot be found, indicating a significant problem.
This fraud case has wide-ranging implications. If you are also unable to withdraw funds from BESTLA or are a victim of the aforementioned tokens, please follow the process below and report to the police as soon as possible.
First, confirm whether the virtual currency involved in the investment fraud includes “NFTC,” “BNAT,” “MOCT,” “SOLA,” “CSO,” “QQQ,” “QAS,” “PT,” “DS,” “BAAS,” “DEC,” “DET,” “FITC,” “COR.”
If confirmed, please fill out the Google form to describe the case. Form link: [Google Form Link]
To expedite the process, you can first visit [165] to fill out the report form. [165 Link]
Go to the police station to make a statement. If the officer in charge is not clear about the situation, ask them to contact the “fraud business handler in the local branch investigation team” or provide the official document number 1134431464.
Online reporting is only for fraud reporting. You still need to go to the police station to complete the formal reporting procedure by making a statement.
The police will ask nine key questions during the statement (provided by the New Taipei City Criminal Investigation Bureau):
1. When did the transaction occur? Who was the person you dealt with? How many coins did you buy? What kind of garbage coin was it? Did the other party use any social media platform account? Can you identify them? In what way did you transfer the funds to the other party? Can you provide the other party’s bank account?
2. What is your cryptocurrency wallet address? What is the business’s wallet address?
3. Did the business make promises regarding returns within a certain period of time through oral, phone, video, or written communication? Did they mention any well-known individuals or companies being interested in or involved in the investment in a certain coin?
4. Did the business provide links to online news posts from media such as “Minsheng Media,” “Potato Media,” or “Chain News” that positively marketed the coins involved in the case? Note: Many Line News and Yahoo News sources come from these media outlets, so please check the source carefully.
5. Was Ace or ProExchange exchange recommended by the business? Have you experienced difficulties with withdrawal or depositing funds in the exchange? Does the withdrawal process require system approval? Did they inform you of when the air coins you invested would be listed on the exchange but kept delaying it?
6. Did the business inform you of any products, beauty treatments, recreational experiences, or other exchange mechanisms issued by the project party of the air coins, but you were unable to redeem or the amount and products differed significantly from what the business claimed?
7. Did the business provide and explain the white paper of the air coins you purchased? Is there a discrepancy between the white paper and the actual situation?
8. When the business sold you coin A, did they replace it with coin B due to insufficient stock of coin A? Did the business provide and explain the white paper of coin B?
9. How much financial loss did you suffer in this case? Have you filed criminal complaints against the business and the group behind it for fraud, money laundering, and violations of banking laws (fundraising) and requested civil compensation?
Reminder: Please prepare the following evidence before reporting to the nearest police station (provide as much evidence as possible to avoid having to supplement later):
1. Purchase receipts or contracts
2. Records of receiving air coins on the public ledger with your wallet address
3. Records of remittances or withdrawals
4. Business’s profile picture and photos on social media platforms, business’s statements (only provide key points, if it is an audio recording, please provide a text file as well)
5. Other attachments related to the case
Please remember to remind the police officer handling the case to upload the case file to the “165 Anti-Fraud Platform” and leave a message in the self-help LINE community notebook stating the reporting police station, case number, and 165 case number. Thank you for your cooperation.
Leave the case number in the self-help community notebook
Finally, you can join the LINE group “ICO Fraud (MOCT, BNAT, NFTC, CSO, FITC) Joint Lawsuit Self-Help Group” or scan the QR code below to log in. In the group, you can see the latest progress and consult with the dedicated personnel from the New Taipei City Criminal Investigation Bureau.
Please leave a message in the self-help LINE group notebook with the reporting police station, case number, and 165 case number.
Some victims may worry that filing a lawsuit will consume valuable time and energy without guaranteeing a successful outcome, so they choose to silently bear this frustration. In response to this, the New Taipei City Criminal Investigation Bureau stated to DONG Qu:
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