The Taiwan prosecutor’s office accused 14 people of fraud, organized crime and laundering of illegally received funds worth more than $ 71.9 million through cryptocurrencies. Law enforcement officers reported 1,500 injured from the actions of the accused.

The prosecutor’s office of Shilin district demanded to confiscate from 14 defendants in the case of 1.2 billion new Taiwanese dollars (about $ 39.8 million), which could be fraudulently received from the victims. Law enforcement officers also demanded that the suspects of the suspects of 640,000 USDT stabilcoins, the unspoiled number of bitcoins and TRX, as well as $ 1.8 million in cash and two expensive cars.

According to the prosecution, in 2024, a certain Shi Qiren (Shijen), together with his wife and manager named Yang (Yang), opened about 40 services throughout Taiwanu under the names of Coinw and Cointhink Technology, receiving millions in the form of franchising commissions. Then, through a partner company, businessmen established deposit terminals for collecting and exchange cash. The suspects stated that they received permission to conduct activities from the Taiwan financial supervision commission (FSC).

Customer funds were converted into foreign currency and transferred abroad to buy a USDT through the Taiwanese cryptocurrency exchange of Bixian Technology. The main organizer of the scheme, Tsizhen, was detained in April. He refuses to admit the guilt of fraud. He faces 25 years in prison.

Last year, the Taiwanese authorities tightened the requirements for the registration of crypto services. Virtual assets service providers working in Taiwan without a license can get two years of prison or a fine of up to $ 155,900.