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Prosecutors in Taiwan say 14 people have been arrested big Cryptocurrency fraud in the country worth NT $ 2.3 billion ($ 75 million).
And according to Report provided by UDN The Shilin District Prosecutor’s Office has completed its investigation into an online scam that was used to conduct fraudulent cryptocurrency transactions, victimizing more than 1,500 people in one year.
Key suspect Shi Kirin faces up to 25 years in prison on charges of fraud, money laundering and gang membership, with prosecutors describing his actions after his arrest as unrepentant and causing harm to thousands of people.
Officials have seized 640,000 USDT tokens, bitcoins, TRX coins, NT$60.49 million in cash, luxury cars, and other assets worth more than NT$100 million, while they want to lose NT$1.275 billion to crime.
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The criminal business started in 2024 when Shi Qiren, his wife Ms. Lin, and business manager Yang established what appeared to be the official cryptocurrency exchange in all of Taiwan.
Their activities were focused on opening more than 40 stores that are presented as legitimate cryptocurrency exchanges, which operate through entities registered under the name of “Inc. Company Profile BiXiang Technology Co., Ltd “, and collect fines of over one million yuan from unsuspecting businesses.
Group set Storage equipment “Through joint security companies, creating an environment that looks like professionals while collecting the money of the victims without the approval of the Financial Supervision Commission or registration of the merger of funds.
He operated without a license from the Taiwan Financial Supervision Commission, and did not complete the official anti-money laundering register. However, they confidently said that they were “The only agency that has a license is the Financial Supervision Commission in this country.”
The false claims of approval proved damaging, as many Taiwanese investors believed what they believed to be government approval of a company known for systemic uncertainty.
After the victims’ money was collected, the agents converted the money into cryptocurrencies. He then transferred it abroad to buy USDT, creating the complex shares that Prosecutor Lu Weiyuan said he had created. “Intentionally disrupting the flow of money.”
The operation maintained a high profile while conducting what prosecutors describe as… “Systematic fraud” It looks at how many Taiwanese people are interested in cryptocurrencies.
Even within their own gang, fraud was rampant as prosecutors discovered that Shi Qiren himself had been defrauded of 3 million yuan by a man named “Gu,” who promised to help prove the company was anti-money laundering.
The Asia-Pacific region is seen as a battleground for anti-money laundering
Taiwan’s history is part of a growing trend in the Asia-Pacific region, where cryptocurrencies are becoming increasingly complex and cross-border.
2 months ago, Singapore authorities have arrested 49 suspects In a similar operation, criminals paid between $400 and $3,000 to access cryptocurrency accounts via Telegram and WhatsApp.
Authorities in Singapore are investigating 49 people suspected of being involved in money laundering schemes linked to cryptocurrency accounts.#Singapore # Cryptohttps://t.co/96WciGc8mk
– Cryptonews.com (@cryptonews) June 12, 2025
These criminals take advantage of border crossings between jurisdictions, use offshore exchanges to transfer money and ensure that the business is legitimate locally.
Due to the increased risk of money laundering, it responded South Korea’s Financial Intelligence Unit has ordered an investigation into money laundering incidents involving stablecoins, acknowledging that anti-money laundering measures may be insufficient for the emerging digital economy.
The timing of the massive crackdown in Taiwan also coincides with a tightening of law enforcement across the region, as authorities realize that lax enforcement is allowing criminal networks to use less control measures.
Taiwan is preparing to implement its new AML laws for crypto businesses following fines issued to two countries that violate the law. #Taiwan # Cryptohttps://t.co/lWCNtPg5C9
– Cryptonews.com (@cryptonews) November 29, 2024
But the problem continues in Asia, where recent developments show that these measures are helping rather than hindering global efforts.
Earlier this year, he voted National Risk Assessment 2025 in Luxembourg Cryptocurrency companies are considered a “high risk” of money laundering, citing “systematic and cyber-based systems” that undermine traditional regulatory mechanisms.
Cryptocurrencies as a means of investment are very difficult for regulators. On this day only, Australian regulators wanted Binance to investigate Due to “serious concerns” about the management of money laundering, which means that even well-established platforms face serious scrutiny.
Editor’s note (edit): The original version of this article mentioned another type of cryptocurrency trading. The document was removed to ensure that the scam had fake retail franchises and was not affiliated with any official cryptocurrency platform.
A note Taiwan is indicting 14 people on charges of defrauding US$75 million worth of cryptocurrency related to fraudulent transactions. appeared for the first time Cryptonews Arabic.
