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Taiwanese Prosecutors in China Bust "CoinWish" Tech Company for Fraud, Uncovering Money Laundering Totaling NT$2.3 Billion
BlockBeats News, August 22nd. According to the United News Network, the prosecutor's office in Taiwan, China, cracked down on the virtual currency physical store trading platform "Coinwish" Technology Company for involvement in a fraud case, with a money laundering amount of 2.3 billion New Taiwan Dollars and over a thousand victims. Since April, the prosecutor's office has launched search operations, successively detained 15 people including the person in charge, Shi Qiren, and seized 60.49 million New Taiwan Dollars in cash, 640,000 USDT, and other virtual assets. Today, the Shilin District Prosecutor's Office filed charges against the 15 individuals for fraud, money laundering, and organization crimes, and applied for confiscation of criminal proceeds totaling 1.275 billion New Taiwan Dollars.
The prosecutor's office pointed out that Shi Qiren and others illegally provided virtual asset services to the public through the unapproved by the Taiwan Financial Supervisory Commission and incomplete anti-money laundering registration trading platform "CoinW" and its affiliated franchise stores. They pretended to be making investments to attract funds, but it was actually a means for the fraud group to embezzle money. The group members also falsely claimed to be the "solely authorized by the Taiwan Financial Supervisory Commission" to attract a large number of investors. As of April this year, 1,539 people in Taiwan have been victimized, with a fraud amount of 1.275 billion New Taiwan Dollars and a money laundering amount of 2.3 billion New Taiwan Dollars. Shi Qiren has shown a poor attitude after the crime, refused to confess, and the prosecutor's office requested the court to impose a severe sentence on him, sentencing him to 25 years in prison.
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