Biggest Cryptocurrency Laundering Scheme in Taiwan’s History Uncovered
Taiwanese prosecutors have charged 14 individuals in what is being described as the country’s largest cryptocurrency money laundering case, involving over $71.9 million in illicit funds and more than 1,500 victims.
According to the Shilin District Prosecutor’s Office, the suspects face charges of fraud, money laundering, and organized crime. Prosecutors have requested the confiscation of 1.275 billion New Taiwan dollars ($39.8 million) obtained from victims, along with $1.8 million in cash, luxury vehicles, and cryptocurrency assets, including Bitcoin and USDT.
How the Scheme Operated
Authorities allege that the group laundered $71.9 million by converting cash into foreign currency and purchasing USDT through the local exchange BiXiang Technology. The funds were then transferred overseas to conceal their origin.
The case surfaced in April 2025, when investigators arrested the 14 suspects, including alleged ringleader Shi Qiren, who faces up to 25 years in prison. Prosecutors say Qiren, his wife, and a manager named Yang operated 40 unlicensed crypto stores under the brands “CoinW” and “CoinThink Technology Co., Ltd.”
1,500 Victims Defrauded Through Fake Crypto Stores
The suspects reportedly posed as an authorized provider certified by Taiwan’s Financial Supervisory Commission, luring victims to invest through fraudulent franchise fees and deposit machines. In total, 1,539 individuals were defrauded, making this the largest case of its kind in Taiwan.
“The group exploited public trust in digital assets, causing widespread financial harm,” prosecutors said in the indictment.
Authorities have already frozen $3.13 million in bank deposits, with more assets expected to be seized. In an unexpected twist, prosecutors revealed that Qiren himself fell victim to another scam, losing $93,000 to a suspect who promised to secure anti-money laundering registration for his operations.
This case highlights rising concerns over crypto-related crimes in Asia, as regulators push for stronger compliance and licensing frameworks to prevent similar large-scale fraud schemes.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.