Taiwan has indicted 14 individuals for their involvement in a $75 million cryptocurrency laundering scandal involving a number of unlicensed exchanges.
Charges and Scheme Details
The indictment claims that 14 individuals orchestrated a scheme involving $75 million in money laundering through unlicensed exchanges, including CoinW and BiXiang Technology Co., Ltd., affecting over 1,500 victims. The ringleader, Shi Qiren, faces a recommended 25-year prison sentence.
Operations and Seized Assets
The prosecution has seized NT$1.275 billion ($41.4 million), $3.13 million in bank deposits, and 640,000 USDT. Additionally, luxury vehicles and other assets were confiscated. The laundering operations were concealed through false claims of regulatory approval, resulting in significant financial disruptions.
Regulatory Response and Consequences
This case highlights Taiwan's commitment to combating cryptocurrency fraud. Tighter regulations and increased scrutiny on unlicensed exchanges are expected. Historical precedents in Taiwan show a trend of escalating enforcement against similar schemes.
This situation underscores the importance of combating cryptocurrency fraud and the necessity of adhering to regulatory standards to protect investors.
