Taiwan's crypto money laundering case: USD 71 million seized

Taiwanese prosecutors have indicted 14 people in the largest money laundering case in the country's crypto history. More than 40 CoinW franchises collected approximately 2.3 billion Taiwanese dollars, equivalent to 71 million US dollars, within a year.
More than 1,500 victims were harmed. The losses alone are estimated at NT$1.275 billion. Mastermind Shi Qiren faces up to 25 years in prison because, according to the indictment, he has shown no remorse.
Already seized are 640,000 USDT, Bitcoin, Tron, cash worth NT$60.49 million, as well as luxury cars and bank balances worth over NT$100 million. The network disguised itself as “government-licensed” to gain trust.
In fact, no financial regulatory approval was available. The branches served as collection points for cash, which was then converted into stablecoins and moved abroad via complex transfers.
In addition to Shi, his wife, a director, a shareholder, and several accomplices are also charged. Investigators describe this as an organized criminal operation using state-of-the-art crypto structures. The case is considered the largest cryptocurrency fraud trial in Taiwan to date.

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