Taiwan Prosecutors Indict 14 in $71.9M Crypto Money Laundering Case Affecting 1,500 Victims

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Friday, Aug 22, 2025 6:21 am ET1min read
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Aime RobotAime Summary

- Taiwanese prosecutors charged 14 suspects in a $71.9M crypto money laundering case affecting 1,500 victims via fake firms CoinW and CoinThink.

- The group fraudulently claimed regulatory approval, used 40 stores and cash machines to siphon funds, then laundered proceeds via unlicensed BiXiang exchange.

- Authorities seized $1.8M cash, 640,000 USDT, luxury vehicles, and $3.13M in deposits, seeking confiscation of $39.8M in illicit gains.

- Key suspect Shi Qiren faces 25 years in prison for orchestrating the scheme, which highlights rising sophistication of crypto financial crimes.

Taiwanese authorities have charged 14 individuals in what is being described as the largest cryptocurrency-related money laundering case in the region, with the alleged scheme reportedly involving over $71.9 million in illicit funds [1]. The Shilin District Prosecutor’s Office brought the charges on fraud, money laundering, and organized crime, citing a complex operation that defrauded more than 1,500 victims across the country [1].

The suspects operated under the names “CoinW” and “CoinThink Technology Co., Ltd.”, allegedly setting up 40 stores to collect franchise fees and using cash deposit machines to siphon money from victims [1]. Prosecutors allege that the group fraudulently claimed authorization from Taiwan’s Financial Supervisory Commission to operate these services. The funds were then laundered by converting them into foreign currency and purchasing USDT via the unlicensed BiXiang Technology cryptocurrency exchange [1].

Authorities reportedly seized 640,000 USDt, an unspecified amount of

Bitcoin
and
Tron
, $1.8 million in cash, two luxury vehicles, and $3.13 million in bank deposits as part of the case [1]. Additionally, prosecutors have requested the confiscation of 1.275 billion New Taiwan dollars (equivalent to $39.8 million), which is believed to have been obtained through the fraudulent activities [1].

One of the primary suspects, Shi Qiren, faces up to 25 years in prison and is reportedly uncooperative with the investigation. His wife and a manager surnamed Yang were also implicated in the scheme. Prosecutors revealed that another suspect, surnamed Gu, defrauded Qiren by falsely promising Anti-Money Laundering registration in exchange for $93,000 [1].

The case highlights the increasing sophistication of financial crimes involving digital assets and the growing regulatory focus on unlicensed cryptocurrency operations. It also follows a broader trend of law enforcement efforts to crack down on crypto-related fraud and money laundering, particularly in the wake of several high-profile cases in recent months [1].

Source: [1] Taiwan prosecutors indict 14 in 72M money laundering case, 1,500 victims

https://cointelegraph.com/news/taiwan-prosecutors-indict-14-72m-money-laundering-case-1-500-victims