Taiwan prosecutors indicate 14 in the $ 72m case laundering case with 1,500 victims
Taiwanese prosecutors have reportedly accused 14 people for saying they are the largest-ever-ever cryptocurrency money laundering case, involving more than 1,500 victims and over $ 70 million in forbidden funds.
The Shilin District Prosecutor’s Office Udn.
Prosecutors have asked to confiscate another 640,000 USDT (USDT), unspecified bitcoin (Btc) and tron (Trx) Handles, over $ 1.8 million cash, two luxury cars, and they have reportedly kidnapped bank deposits worth $ 3.13 million, including the remaining proceeds set to recover later.
The group was charged with laundering $ 71.9 million collected from unknown cash suspects, before being converted to foreign currency and transferred abroad to buy USDT through Taiwanese cryptocurrency exchange Bixiang technology.
The prosecution has been reported to have released the following money laundering flow chart along with the accusation to illustrate the group’s activities.
Authorities initially launched the case in April when 14 individuals were arrested, including ringleader Shi Qiren, who could get a 25-year prison as a prime suspect behind the money laundering scam and for his refusal to seek the fault in the case, Udn reported.
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More than 1,500 victims were damaged by an unlicensed crypto exchange
Prosecutors have accused that since 2024, Qiren, his wife, Ms. Lin, and a surname manager Yang cooperated to open 40 stores across Taiwan under the brand “Coinw” and “CoinThink Technology Co, Ltd.” and collected millions of franchise fees before using a firm partner to set up deposit machines to collect cash from victims.
They accused as a single firm who was allowed by the Taiwan financial administration commission, cheating 1,539 people with less than $ 71.9 million through franchise fees and cash collection machines.
The group was also a victim of a side fraud, according to prosecutors, when another suspect was said to be deceiving Shi to pay $ 93,000 for the wrong promises of securing anti-money laundering registration.
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The accusation came days after a crypto influencer was punished one year in prison for money laundering and wire fraud laundering after he told two major cloud computing providers in a large scale Cryptojacking operation.
A month before, a citizen of Russia allegedly Laundered $ 530 million Through US banks and crypto exchanges using USDT to facilitate payments for Russian clients tied to bank penalties, Cointelegraph reported on July 17.
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