The laundering operation has been permanently shut down. Scammers and fraudsters of all kinds are aware that the intense enthusiasm for Bitcoin (BTC) and digital currencies sometimes leads to a lack of vigilance among some investors, whether they are hasty or naive. Fortunately, crime does not pay. In Taiwan, charges were brought against 14 individuals in a case alleged to have claimed the lives of over 1,500 victims. The total amount laundered is estimated at around 72 million dollars.

A highly organized money laundering infrastructure in Taiwan has been dismantled. According to a report published by the United Daily News on August 22, 2025, Taiwanese prosecutors arrested 14 individuals allegedly involved in what is considered one of the largest money laundering cases in the country.

The fourteen individuals charged by the Public Prosecutor's Office in Shilin County are accused of fraud, money laundering, and organized crime. They allegedly laundered 72 million US dollars (2.3 billion New Taiwan dollars), extorted from over 1,500 victims.

Reports indicate that authorities seized nearly two million US dollars in cash (60.5 million New Taiwan dollars) and 640,000 Tether (USDT), a stablecoin pegged to the US dollar.

Fake cryptocurrency company laundering millions of dollars

Reports indicate that Taiwanese authorities began their investigation in April 2025. It is reported that the leader of this organized money laundering network, Chi Chi Ren, was arrested early in the investigation, leading to the collapse of his organization as announced today.

He faces a 25-year prison sentence for his leadership role in this fraudulent operation and his refusal to plead guilty. This, in any case, is the sentence requested by Taiwanese prosecutors.

Since 2024, reports indicate that Chi Ren, his wife, and a manager named Yang opened 40 stores in Taiwan under the brand "CoinW." They falsely pretended to be the "only licensed company" by the Taiwanese Financial Supervisory Commission (FSC).

Despite this case, it seems that Taiwan, fortunately, distinguishes between cryptocurrencies themselves and the criminals who unfortunately exploit their many technological advantages. In fact, voices were raised last May suggesting that Taiwan should build strategic reserves of Bitcoin, like the United States.