What is the “U Theft” case and what role does the “Anti-Fraud Four Laws” play?
In the “Anti-Fraud and Anti-Money Laundering” and “Currency Flow Tracking” series of Web3 Westward, we have invited numerous industry experts as guests, as well as several police investigators to share their experiences and insights into investigating cases.
In the third episode of the “Currency Flow Tracking” series, we invited Chief Inspector Hong Chengqi, who has been hailed by the media as the “Master of Tracking Money Flow” and the “Investigator of Telecommunications Fraud Groups.” He has successfully cracked numerous major criminal cases in Taiwan, including being involved in the Criminal Investigation Bureau’s first case of confiscating 10 million USDT (worth about 300 million New Taiwan Dollars) from Tether.
Further reading:
Can’t catch the 5.3 billion yuan fraud in a year? The Criminal Investigation Bureau reveals 4 major challenges in solving cases.
Hong Chengqi shared that in the USDT confiscation case, it was discovered that the fraud group used the method of “U Theft,” which often leads to reports of “computer misuse” and does not appear in the 165 fraud database. Hong Chengqi also mentioned that from the recently passed “Anti-Fraud Four Laws” by the Executive Yuan, it can be seen that the authorities are aware of the role that virtual currencies play in fraud and are intensifying their regulatory efforts and scope.
The “Currency Flow Tracking” series invites industry experts to analyze currency flow tracking work and share important knowledge about currency and fund tracking. Let’s enhance our knowledge of currency and fund flows as a society and build a stronger defense against criminals!
“Web3 Westward” is hosted by XREX Exchange co-founders Wayne Huang and Winston Xiao, as well as Yoyo, Senior Director of XREX’s Executive Office. They will guide you to understand the concept of decentralization and help you comprehend the world of Web3 from various perspectives.
Summary of this episode:
What is the operating method of the “U Theft” case? How is it different from other fraud cases?
What are the “Anti-Fraud Four Laws”? How will they affect the virtual currency industry?
What kind of regulations will “individual currency traders” face in the future?
Why is virtual currency fraud a mixed blessing for police investigators?
How can we review our wallets and take inventory of our virtual assets and wallet authorizations?
Important links:
165 Anti-Fraud Website
XREX Academy
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Music source:
MusicbyAden – Earth
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Earth by MusicbyAden is licensed under CC BY-SA 4.0CC
Content in this episode is a collaboration between XREX and WEB3+.