14 Individuals Indicted in $75M Cryptocurrency Laundering Scheme in Taiwan

Taiwanese authorities have indicted 14 individuals for their role in a complex cryptocurrency laundering scheme, resulting in losses of over $75 million and impacting more than 1,500 victims. The operation involved creating fake companies like CoinW and CoinThink and unauthorized exchanges, leading to asset seizures totaling over $75 million in USDT, Bitcoin, and TRX. Shi Qiren, the alleged ringleader, faces a potential 25-year sentence, while twelve unnamed collaborators have also been implicated. Prosecutors seized a significant amount of cryptocurrency, highlighting the government’s commitment to combating illegal activities in the crypto space.