ETmeta Metaverse Platform Involved in Fraudulent Fundraising for 9 Months
In 2024, a metaverse platform named ETmeta, which claims to be created for “sports enthusiasts,” made a grand debut, but behind it lies a meticulously planned scam?
According to reports from the Liberty Times, the “Diverse Sports Metaverse Aggregation Platform ETmeta,” launched by the main suspect Liao Wenli, held a series of investment briefings starting January 2024. It leveraged the metaverse, NFTs (non-fungible tokens), and blockchain gaming (GameFi) to depict a promising blueprint for the sports economy to investors. However, just nine months later, some investors discovered they were unable to withdraw their funds.
Currently, at least 16 investors have realized they were defrauded and have filed lawsuits, with the related fraud amounts still awaiting further clarification by investigative authorities.
Launch of ETM Platform Coin Investment Scheme, Redeemable in Tether
The ETmeta platform also mimicked the roadmap of blockchain projects, claiming that its development would be divided into three phases. It aimed not only to launch a sports quantitative fund but also to issue NFTs and a platform coin named “ETM.” The ultimate goal was to utilize AR and VR technologies to create a borderless online sports world.
To attract investments, ETmeta offered an investment scheme, claiming that custodial ETM platform coins could yield a profit of 1% daily, or a maximum increase of 2% daily for a 10-day custodial period, with a guarantee that the principal could be redeemed at any time in Tether ($USDT), enticing investors to commit their funds.
In fact, even before the launch of the ETmeta platform, Liao Wenli had been involved in a fraudulent case with Millennium International Investment Consulting Company.
According to reports from United Daily News, the investigation indicated that he followed the directives of a certain executive surnamed Ou at that time, organized investment briefings, created company websites and promotional materials, and assisted the executive in defrauding $630,000. Later, this executive was sentenced to 5 years and 4 months in prison.
Investigators Conduct Searches and Interrogations; Main Suspect and Assistant Detained
Despite having a prior conviction related to the Millennium International Investment fraud case, Liao Wenli did not learn from his mistakes and instead became the leading figure of the ETmeta fake investment platform. The case was reported by victims to the Fujian Provincial Investigation Bureau and was referred to the Taipei District Prosecutor’s Office for investigation.
On August 4, investigators launched searches and interrogated main suspect Liao Wenli, his assistant Hong Yazi, and Liao’s ex-wife surnamed Xu. After a night of re-interrogation, the prosecution believed that Liao Wenli and Hong Yazi were colluding and likely to destroy evidence. They applied to the court for detention and prohibition of visitation on the morning of August 5, while Xu was allowed to return.
Currently, the entire case is expanding investigations into violations of the Banking Act, Anti-Money Laundering Act, and aggravated fraud offenses.
This article is collaboratively reprinted from: Crypto City