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Taiwan has filed charges against 14 people in what is now seen as the country’s largest case of crypto laundering. Prosecutors said the group ran a scam that cheated more than 1,500 victims and moved nearly $72 million in illegal funds.
The Taiwan prosecutors explained that the suspects ran fake crypto businesses and tricked people into paying franchise fees and depositing cash into special machines. These stores carried the names “CoinW” and “CoinThink Technology Co., Ltd.” and claimed to be licensed by Taiwan’s Financial Supervisory Commission. In reality, the businesses had no legal approval.
The victims believed they were investing in real crypto services. Instead, the money was collected in cash, exchanged into foreign currency, and later used to buy USDT through a local exchange called BiXiang Technology.
Prosecutors have charged the group with fraud, organized crime, and money laundering. They also ordered the asset seizure of large sums, including $39.8 million in funds from victims, $1.8 million in cash, 640,000 USDT, some Bitcoin and Tron holdings, two luxury cars, and $3.13 million in bank deposits. Officials said more illegal earnings would be recovered later.
The investigation began in April when police arrested the 14 suspects. The main suspect, Shi Qiren, will face up to 25 years in prison. He refused to admit guilt, while some others have already confessed.
A strange twist came out during the probe. Even Shi, the alleged ringleader, was tricked by another suspect, who charged him $93,000 for a fake anti-money-laundering certificate.
Reports show that the scam started in 2024. Shi, along with his wife and another partner named Yang, opened around 40 fake crypto stores across Taiwan. They collected millions in “franchise” fees and cash machine deposits. By posing as the only official crypto service provider, they managed to gain the trust of more than 1,500 people, who together lost nearly $72 million.
This case comes at a time when Taiwan is tightening its rules on digital finance. Recent months have witnessed several incidents of laundering and crypto fraud. A crypto influencer was sentenced earlier for a separate case of money laundering and wire fraud. According to reports, another Russian national laundered about $530 million through US banks and crypto exchanges using USDT.
Authorities in Taiwan are now stressing stronger fraud detection and better crypto regulation. The crackdown shows a clear warning - crypto crimes will be tracked, exposed, and punished.
Also Read – Crypto Prices Today: Bitcoin $113,072, Ethereum $4,295, XRP Leads Decline by 2.9%
