Arrests Made in Deceptive Crypto Scheme
The authorities in Taiwan have recently made significant progress in combating fraudulent activities within the cryptocurrency industry. Two high-ranking executives from ACE Exchange, one of the largest cryptocurrency exchanges in the region, have been arrested for their involvement in a scam that deceived approximately 100 investors.
Deception and False Promises
The investigation revealed that Lin Nan, one of the arrested executives, enticed unsuspecting individuals with the promise of quick riches. His alleged accomplice, Pan Nan, further bolstered the credibility of the scheme by listing the fake virtual currencies on ACE Exchange. This deceptive strategy allowed the duo to carry out their fraudulent activities for a period of three years before law enforcement agencies intervened.
Significant Recoveries and Additional Arrests
In addition to apprehending the two main culprits, the authorities also arrested 14 other individuals involved in the fraud scheme. These arrests were made at various locations in Taipei, New Taipei, and Taichung. A raid conducted at Lin Nan's residence resulted in the recovery of more than $3.6 million in cash and virtual currency amounting to just over $3.4 million.
Estimated Losses and Legal Consequences
The total value of losses associated with Lin Nan and Pan Nan's fraudulent activities is estimated to be over $36 million. After thorough interrogations, all 16 individuals were taken into custody and are expected to face charges under the region's Criminal Code, Money Laundering Prevention Act, and Banking Act.
This recent crackdown on crypto fraud serves as a reminder that authorities are actively working to protect investors and maintain the integrity of the cryptocurrency market.
Frequently Asked Questions
How much of your IRA should include precious metals?
The most important thing you should know when investing in precious metals is that they are not just for wealthy people. You don't need to be rich to make an investment in precious metals. In fact, there are many ways to make money from gold and silver investments without spending much money.
You could also consider buying physical coins like bullion bars, rounds or bullion bars. Also, you could buy shares in companies producing precious metals. Another option is to make use of the IRA rollover programs offered by your retirement plan provider.
You'll still get the benefit of precious metals no matter which country you live in. They are not stocks but offer long-term growth.
Their prices are more volatile than traditional investments. So, if you decide to sell your investment down the road, you'll likely see more profit than you would with traditional investments.
Is gold a good choice for an investment IRA?
For anyone who wants to save some money, gold can be a good investment. It is also an excellent way to diversify you portfolio. But gold has more to it than meets the eyes.
It has been used throughout history as currency and it is still a very popular method of payment. It is often called “the oldest currency in the world.”
But gold, unlike paper currency, which is created by governments, is mined out from the ground. It is very valuable, as it is rare and hard to create.
The price of gold fluctuates based on supply and demand. The strength of the economy means people spend more, and so, there is less demand for gold. The result is that gold's value increases.
On the other hand, people will save cash when the economy slows and not spend it. This causes more gold to be produced, which lowers its value.
This is why it makes sense to invest in gold for individuals and companies. You'll reap the benefits of investing in gold when the economy grows.
Additionally, you'll earn interest on your investments which will help you grow your wealth. Plus, you won't lose money if the value of gold drops.
Should you Invest In Gold For Retirement?
This will depend on how much money and whether you were able to invest in gold at the time that you started saving. If you are unsure which option to choose, consider investing in both options.
You can earn potential returns on your investment of gold. This makes it a worthwhile choice for retirees.
Gold is more volatile than most other investments. This causes its value to fluctuate over time.
However, it doesn't necessarily mean that you shouldn't invest your money in gold. This just means you need to account for fluctuations in your overall portfolio.
Another advantage to gold is that it can be used as a tangible asset. Gold is less difficult to store than stocks or bonds. It can also be transported.
You can always access your gold as long as it is kept safe. Plus, there are no storage fees associated with holding physical gold.
Investing in gold can help protect against inflation. You can hedge against rising costs by investing in gold, which tends to rise alongside other commodities.
A portion of your savings can be invested in something that doesn't go down in value. When the stock market drops, gold usually rises instead.
Another benefit to investing in gold? You can always sell it. You can also liquidate your gold position at any time you need cash, just like stocks. You don't even have to wait until you retire.
If you do decide to invest in gold, make sure to diversify your holdings. Don't put all your eggs on one basket.
Don't purchase too much at once. Start small, buying only a few ounces. Add more as you're able.
The goal is not to become rich quick. Rather, it's to build up enough wealth so you won't need to rely on Social Security benefits.
Although gold might not be the right investment for everyone it could make a great addition in any retirement plan.
What Precious Metals Can You Invest in for Retirement?
It is gold and silver that are the best precious metal investment. Both are easy to sell and can be bought easily. They are a great way to diversify your portfolio.
Gold: Gold is one of man's oldest forms of currency. It is also extremely safe and stable. It's a great way to protect wealth in times of uncertainty.
Silver: Silver is a popular investment choice. It's an ideal choice for those who prefer to avoid volatility. Silver tends instead to go up than down, which is unlike gold.
Platinium: Another form of precious metal is platinum, which is becoming more popular. It is very durable and resistant against corrosion, much like silver and gold. However, it's much more expensive than either of its counterparts.
Rhodium: Rhodium is used in catalytic converters. It's also used in jewelry making. It is also very affordable in comparison to other types.
Palladium: Palladium, which is a form of platinum, is less common than platinum. It's also more accessible. It is a preferred choice among investors who are looking to add precious materials to their portfolios.
Statistics
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
External Links
finance.yahoo.com
irs.gov
bbb.org
law.cornell.edu
- 7 U.S. Code SS 7 – Designation of boards of trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement accounts
How To
The best place to buy silver or gold online
Understanding how gold works is essential before you buy it. It is a precious metal that is very similar to platinum. Because of its resistance to corrosion and durability, it is very rare. It is hard to use, so most people prefer jewelry made of it to real bars of gold.
There are two types of gold coins available today – one type is legal tender, while the other is called bullion. Legal tender coins are minted for circulation in a country and usually include denominations like $1, $5, $10, etc.
Bullion coins can only be used as investment currency. They increase in value due to inflation.
They aren't circulated in any currency exchange systems. One example is that if someone buys $100 worth gold, they get 100 grams with a $100 value. Each dollar spent by the buyer is worth 1 gram.
When you are looking to purchase gold, the next thing to know is where to get it. There are a few options if you wish to buy gold directly from a dealer. You can start by visiting your local coin shop. You could also look into eBay or other reputable websites. You may also be interested in buying gold through private sellers online.
Private sellers are individuals who offer gold for sale, either at wholesale prices or retail prices. Private sellers typically charge 10% to 15% commission on each transaction. That means you would get back less money from a private seller than from a coin shop or eBay. This is a great option for gold investing because you have more control over the item’s price.
Another way to buy gold is by investing in physical gold. While physical gold is easier than paper certificates to store, you still need to make sure it is safe. To ensure that your physical gold remains safe, you need to secure it in an impenetrable container such as a vault or safety deposit box.
To purchase gold by yourself, you can visit a bank and a pawnshop. A bank can give you a loan up to the amount you intend to invest in Gold. These are small businesses that let customers borrow money against the items they bring to them. Banks typically charge higher interest rates than pawn shops.
Finally, another way to buy gold is to simply ask someone else to do it! Selling gold is also easy. Contact a company such as GoldMoney.com, and you can set up a simple account and start receiving payments immediately.
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By: Terence Zimwara
Title: Taiwan Police Arrest Crypto Exchange Bosses Accused of Fraud
Sourced From: news.bitcoin.com/report-taiwan-police-arrest-crypto-exchange-bosses-accused-of-fraud/
Published Date: Sun, 07 Jan 2024 08:30:44 +0000
