Taiwan Cracks Down on NT$2.3B Crypto Fraud Case, 14 Arrested

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2025-08-22 10:13:01

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Taiwan prosecutors have indicted 14 individuals in connection with a NT$2.3 billion (approximately $70 million) cryptocurrency fraud scheme that exploited thousands of victims through fake franchise operations. The ringleader, Shi Qiren, allegedly used an overseas exchange called CoinW to launder funds through layered transactions after converting cash deposits to crypto.

Authorities raided Bixiang Technology, Taiwan's largest VIRTUAL currency exchange, which is suspected of facilitating the fraud. The operation involved over 40 bogus storefronts masquerading as government-approved crypto service centers. This case has prompted regulators to tighten oversight of digital asset platforms.

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