Taiwan Exposes $72M Crypto Laundering Scheme, Sentences Leader to 25 Years

Taiwan's prosecuting authorities have dismantled a major cryptocurrency laundering operation, recovering $72 million in illicit funds tied to fraudulent activities. The scheme defrauded over 1,500 victims before investigators froze assets and secured convictions against 14 individuals.

Shi Qiren, the operation's mastermind, received a 25-year prison sentence for orchestrating the scam and refusing to cooperate with authorities. His wife Lin and business head Yang were among those implicated in the coordinated fraud, money laundering, and organized crime charges.

The Shilin District prosecution's April 2025 investigation revealed a sophisticated criminal enterprise. Taiwan maintains strict cryptocurrency regulations, rejecting any digital assets not backed by national currencies. This case may prompt further regulatory tightening in the jurisdiction.