Taiwan’s large-scale virtual currency fraud continues to escalate. Following the suspected closure of ProExchange, a foreign exchange platform, another related platform BESTLA has also temporarily suspended all functions. The police urge victims to report the case as soon as possible.
Background:
ACE Exchange Fraud Case: Pyramid Scheme, FITC, QAS…Scam Coins, Official Community Disappeared
ACE Exchange exposed: Aircoin scam, money laundering, Wang Chenhuan and Pan Yizhang detained, Magic Coin victims self-help… (updated in real-time)
Table of Contents:
BESTLA provides garbage coin trading, USDG can no longer be exchanged for stable coins
Unable to find the USDG contract address
Complete process for reporting cases of BESTLA and scam coin victims
1. Fill out the Google online form
2. Go to the police station for recording
3. Leave the case number in the community notebook of the self-help group
The New Taipei City Criminal Investigation Bureau strongly urges victims to protect their rights.
Taiwan is currently experiencing the largest-scale garbage coin fraud wave in its history (MOCT, NFTC, CSO, FIT, etc.). Following yesterday’s report by Dynamic Zone that the foreign exchange platform ProExchange’s community channels have completely stopped operating, it is suspected to have closed down. Another platform, BESTLA, which is involved in the aforementioned garbage coin trading and claims to earn stable dividends with USDG, also announced last week: “Due to cooperation with the Taiwan government’s investigation, all functions will be temporarily suspended until the investigation is completed.”
Currently, there has been no response from the official customer service, Telegram channel, and email, leaving users with assets on the platform with no way to claim compensation.
According to Dynamic Zone, BESTLA not only provides garbage coin trading but also offers a stable coin called USDG, which can be staked to receive a stable 6% return and can be exchanged for USDT and other stable coins. However, it is currently impossible to withdraw funds, and currently, only the troubled ProExchange platform provides USDG trading (the current trading volume has dropped to zero). (Note: Bestla was formerly known as USDG Wallet)
Unable to find the USDG contract address
According to the official explanation, CryptoDAO is a distributed organization focused on quantitative trading and research in Decentralized Finance, and USDG is CryptoDAO’s revenue 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 the representatives or participants who stake USDG. 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 Dynamic Zone’s analysis, the official token contract address provided cannot be found, indicating significant issues.
This fraud case has widespread implications. If you are also unable to withdraw funds from BESTLA and are a victim of the aforementioned tokens, please follow the process below to report the case to the police as soon as possible.
Please first confirm whether the virtual currency you were defrauded in is “NFTC,” “BNAT,” “MOCT,” “SOLA,” “CSO,” “QQQ,” “QAS,” “PT,” “DS,” “BAAS,” “DEC,” “DET,” “FITC,” or “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 go to the 165 website to fill out the report form: [165 report form link]. Go to the police station for recording. If the attending officer is unclear about the situation, ask them to contact the “fraud business handling personnel in the local branch’s investigation squad” or provide the official document number 1134431464.
Reporting online is only for reporting fraud. You still need to go to the police station to make a formal report.
The nine key points that the police recording will inquire about (provided by the New Taipei City Criminal Investigation Bureau):
When did it happen? Which business did you approach? How many coins did you purchase? What kind of air coin? Did the other party use a social media platform account? Can you identify them? How did you transfer the funds to the other party? Can you provide the other party’s bank account?
What is your cryptocurrency wallet address? What is the business’s wallet address?
PS: You can check the following public ledgers first:
Etherscan: [Etherscan link]
BSCScan: [BSCScan link]
Did the business promise returns within a certain period of time through oral, phone, video, or written means? Did they mention any famous individuals or companies being interested in or investing in a certain coin?
For example: It will definitely rise in value like Bitcoin in the future; the business said that a well-known person is interested in a certain coin and wants to invest; a large company, XYZ Group, also has investment projects.
Did the business provide links to online news posts from media outlets such as Minsheng Media, Potato Media, or Chain News that positively market the coins involved in the case?
Note: Many Line News and Yahoo News sources come from these media outlets. Please click on them to see the media and journalist in the upper left corner.
Were ACE and ProExchange exchanges recommended by the business? Have you experienced difficulties with normal withdrawals or deposits on these exchanges? Does the withdrawal process require system approval? Did they inform you of when your invested air coins would be listed on the exchange but kept delaying it?
Did the business inform you that the project behind the air coin has launched a certain product, beauty, travel experience, or other exchange mechanisms, but you cannot redeem or the amount and product obtained are significantly different from what the business claimed?
Did the business mention and explain the whitepaper of the air coin you purchased? Is there a discrepancy between the whitepaper and the actual situation?
When the business sold you Coin A, did they switch to Coin B due to insufficient stock of Coin A and resell it to you? Did the business mention and explain the whitepaper of Coin B?
How much financial loss did you suffer in this case? Have you filed criminal charges against the business and the controlling group for fraud, money laundering, or violations of banking laws (illegal fundraising), and also requested civil compensation?
Reminder: Please prepare the following evidence before going to the nearby police station to report the case (attach as much evidence as possible to avoid having to provide additional information later):
Purchase receipts or contracts
Records of receiving air coins in your wallet address on public ledgers
Records of remittances or withdrawals
Profile pictures and photos of the business on social media platforms, the business’s rhetoric (not all, just the key points; if it is an audio recording, please transcribe it into a text file to make it easier for the attending officer)
Other attachments related to the case
Please remember to remind the handling police officer to upload the case file to the “NPA 165 Anti-Fraud Platform” and leave a message in the community notebook of the self-help LINE group with the police station where you reported the case, the case number, and the 165 case number. Thank you for your cooperation.
Leave the case number in the self-help LINE group 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 responsible personnel from the New Taipei City Criminal Investigation Bureau.
Please leave a message in the self-help LINE group notebook with the police station where you reported the case, the case number, and the 165 case number.
Some victims may worry that filing a lawsuit will require valuable time and energy and cannot guarantee a successful outcome, so they choose to silently endure the frustration. In response to this, the New Taipei City Criminal Investigation Bureau expressed to Dynamic Zone:
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