Taiwan prosecutors indict 14 in what they call the island’s largest crypto money‑laundering case

Taiwan’s Shilin District Prosecutors’ Office has filed charges against 14 people in a large cryptocurrency-related money‑laundering and fraud case, saying the scheme involved about 1,539 victims and hundreds of millions of New Taiwan dollars in illicit proceeds. Prosecutors asked the court to confiscate roughly NT$1.275 billion in criminal gains and have already seized cash, stablecoins and other digital assets as part of the investigation. citeturn2search0turn2search2

According to prosecutors, the suspects—led by a man identified in Taiwanese reporting as Shi (Shih) Qiren—operated more than 40 brick‑and‑mortar franchise outlets under the CoinW brand and a company reported as Bixiang (幣想) Technology. The outlets collected franchise fees and placed so‑called “deposit machines” at physical locations to gather victims’ cash, which co‑conspirators then converted into cryptocurrencies (principally USDT) and routed overseas to obscure the money trail. Prosecutors say the operation used false claims of regulatory authorization to lure investors. citeturn2search0turn2search2

Authorities say the scheme unfolded from 2024 into 2025. Investigators estimate that the group laundered up to NT$2.3 billion and that victims lost about NT$1.275 billion (reported as the amount prosecutors seek to confiscate). Seized assets include roughly 640,000 USDT, quantities of Bitcoin and TRX, approximately NT$60.49 million in cash, luxury vehicles and bank deposits; prosecutors said additional proceeds will be recovered later. citeturn2search0turn2search2

Prosecutors have charged the defendants with fraud, money‑laundering offenses and organizing or directing criminal activity, and have requested a 25‑year prison term for the case’s alleged ringleader, who reportedly has denied the allegations. Some co‑defendants who have cooperated or offered to return proceeds may face lighter penalties, officials said. citeturn2search2turn1search0

The indictment and the law‑enforcement disclosures prompted renewed attention from Taiwan regulators and law‑enforcement agencies to virtual asset service providers and physical crypto‑service outlets, and officials have urged the public to exercise caution and verify whether providers are properly registered and compliant with anti‑money‑laundering rules. citeturn2search2turn1search2

Prosecutors say the investigation began with arrests earlier in the year and that further asset recovery and legal proceedings are ongoing as the case moves through Taiwan’s courts. citeturn2search0turn2search2