ETmeta Metaverse fraud group main suspect in Taiwan captured, virtual coin eyewash swindled nearly 100 million

Taiwan's investigation and prosecution units recently launched a second large-scale search operation against the "ETmeta" Metaverse platform fraud case, successfully arresting the suspected masterminds, Taiwanese area heads Wu Cheng-hung and He Fang-fei, a couple. This virtual coin fraud case, disguised as a sports Metaverse, has defrauded at least 16 investors in just 9 months, with the amount involved reaching nearly NT$100 million.

Metaverse Scam Exposed: High-End Restaurant Presentation Packaging the 'Sports Metaverse' Scam

According to investigations, a man named Liao Wenli established the ETmeta platform last year. Starting from January 2024, he held investment briefings at business clubs and high-end restaurants, promoting the "diversified sports ecological Metaverse aggregation platform ETmeta" to investors. Liao falsely claimed that the platform would allow investors to keep track of global sports event dynamics at any time and would launch the ETM coin as a universal coin, recommending two plans with guaranteed profits and capital preservation.

The ETmeta platform claims to revolutionize the traditional sports market, creating a Metaverse platform designed for sports enthusiasts to participate in discussions and share profits. Investors can not only access global sports information but also invest in the exclusive platform virtual currency ETM coin, and interact with sports stars through AR and VR technologies. These grand promises attracted many sports enthusiasts to invest, but in reality, after purchasing ETM coin, investors found they could not withdraw funds and realized they had been scammed.

Fraud Technique Exposed: Cold Wallet Fund Transfer

Investigations have revealed that at least 16 investors were misled by Liao Wenli's rhetoric and transferred the purchased virtual coins into a designated cold wallet. Behind Liao Wenli, it is suspected that Wu Chenghong and He Fangfei are manipulating the flow of virtual currency (USDT). Currently, the amount of losses known to the prosecution is nearing NT$100 million, and the case is still under expanded investigation.

Fraud groups are being arrested one after another: Two waves of search operations capture the main suspects

The Taipei District Prosecutors Office launched the first wave of searches in early August this year at the residences of three individuals, including Liao Wenli, the person in charge of the "ETmeta" platform, his ex-wife with the surname Hsu, and his subordinate business partner Hong Yazhi. The prosecution believes that Liao Wenli and assistant Hong Yazhi are the responsible persons for the northern region of Taiwan, and they were granted detention permission for violating the Banking Act.

The task force later discovered that the shadowy figures behind the entire case were suspected to be the couple Wu Cheng-hung and He Fang-fei. On September 17, they launched a second wave of searches in eight different directions and summoned nine people for questioning. After the interrogation, Prosecutor Wu Yi-qian applied for the detention of Wu Cheng-hung and He Fang-fei, and the court is expected to hold a hearing in the morning.

In addition, the entire case also involves nun Chen Qiulian, who is suspected to be Liao Wenli's subordinate. After questioning by the prosecution, Ms. Chen was released on bail of 100,000, with restrictions on leaving the country and going to sea. The other defendants, Xiao Boming, Xie Zunjie, Wang Wenhai, and Guo Zengqin, were each released on bail ranging from 100,000 to 200,000, with restrictions on leaving the country and going to sea. Except for one businessperson with the surname Xie, the other six individuals are restricted in their residence.

Main Suspect Liao Wenli has been involved in the Millennium International Fraud Case

It is worth noting that Liao Wenli is not the first to be involved in fraud cases. According to investigations, he worked for Millennium International Investment Consulting Company many years ago, knowing that Millennium Victory Futures Company, under the Indonesian Millennium International Group, was conducting banking business in Taiwan without permission. However, he followed the directions of a man with the surname Ou, using the method of holding explanatory meetings to create the website and investment promotional materials for Millennium Investment Consulting Company, soliciting investments from unspecified individuals with high annual interest rates of 6% to 8%, and collecting a total of 630,000 USD. The man with the surname Ou in this case was later prosecuted by the authorities and sentenced to 5 years and 4 months in the first trial.

Investors beware: The Metaverse and virtual coin fraud methods are becoming increasingly sophisticated

This case once again reminds investors that with the popularization of emerging technological concepts such as the Metaverse and virtual currencies, fraud methods are becoming increasingly sophisticated. Criminal groups often use high-end venues, professional terminology, and glamorous promises to package their fraud schemes, targeting specific groups like sports enthusiasts with tailored pitches, and attracting investors with unrealistic commitments such as guaranteed profits and capital preservation.

Experts remind that legitimate investment platforms do not promise guaranteed profits. Investors should thoroughly verify the legality of the platform before investing funds and remain highly vigilant about investment schemes that guarantee profits.

The prosecution is currently expanding its investigation and does not rule out the possibility of more victims and individuals involved in the case. If any members of the public suspect they are victims, they can report or file a complaint with the investigation unit.