Taiwan Authorities Bust Massive $70M Crypto Fraud Ring

Taiwan just dropped the hammer on one of the biggest crypto scams in recent memory—racking up a staggering $70 million in ill-gotten gains before regulators stepped in.

The Setup

Fraudsters deployed classic Ponzi tactics wrapped in blockchain buzzwords, luring investors with promises of outrageous returns. They built an elaborate façade of legitimacy—fake offices, polished websites, and enough technical jargon to confuse even seasoned traders.

The Takedown

Local financial watchdogs moved fast once patterns emerged—unusual transaction volumes, frantic victim reports, and that classic smell of too-good-to-be-true returns. They froze accounts, coordinated with exchanges, and pulled the plug before more capital could vanish.

Another day, another reminder that if it looks like a hedge fund but smells like a scam, it’s probably just crypto doing what crypto does best—separing fools from their money.

Taiwanese prosecutors have indicted 14 people in the country’s biggest cryptocurrency money laundering case. The Shilin District Prosecutor’s Office charged them with fraud, money laundering, and organized crime involving over $70 million and 1,500 victims. Authorities are seeking to confiscate 1.275 billion New Taiwan dollars ($39.8 million), allegedly gained through fraudulent activities. This case highlights growing efforts to crack down on crypto-related crimes and protect investors from large-scale scams. Read More About