Taiwan Shilin District Prosecutor’s Office has indicted fourteen individuals accused of running a cryptocurrency laundering scheme, according to a report by UDN, a local news outlet.
The investigation points to $71.9 million taken from 1,539 victims through a mix of storefront operations, fraudulent claims, and cash collection machines.
Prosecutors requested the seizure of NT$1.275 billion (about $39.8 million), along with 640,000 USDT
$0.9920
, undisclosed amounts of Bitcoin
$116,023.61
and TRON
$0.3639
, $1.8 million in cash, and two luxury cars.
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About $3.13 million in bank deposits has already been frozen, with more recoveries expected.
According to investigators, the accused collected money in cash, converted it into foreign currency, and used it to purchase USDT through BiXiang Technology, a local exchange.
The main suspect, Shi Qiren, was arrested in April together with thirteen associates. Reports indicate Shi could face up to 25 years in prison for leading the operation and for refusing to plead guilty. Prosecutors alleged that starting in 2024, Shi, his wife, and a business partner named Yang opened forty outlets under the names “CoinW” and “CoinThink Technology Co., Ltd”.
Officials claimed the group pretended to be the only company approved by Taiwan’s Financial Supervisory Commission, which helped them attract more than 1,500 customers. By combining franchise fees and machine collections, they allegedly gathered nearly $72 million.
On August 11, police in Phú Thọ Province, Vietnam, shut down the largest cryptocurrency scam recorded in the country. How? Read the full story.
