The laundering operation has been permanently shut down. Scammers and con artists of all kinds are aware that the intense enthusiasm for Bitcoin (BTC) and other cryptocurrencies can sometimes lead to a lack of vigilance among some investors, whether they are hasty or naive. Fortunately, crime does not pay. In Taiwan, charges have been brought against 14 individuals in a case that is said to have claimed the lives of over 1500 victims. The total amount of money laundered is estimated to be around 72 million dollars.
A highly organized money laundering infrastructure has been dismantled in Taiwan. According to a report published by the local 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.
Fourteen individuals have been charged with fraud, money laundering, and organized crime by the public prosecutor's office in Shilin District. They are alleged to have laundered 72 million USD (2.3 billion New Taiwan dollars), extorted from over 1500 victims.
Reports indicate that authorities seized nearly 2 million USD 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. Reports suggest 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 have indicated that Chi Ren and his wife, along with 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 numerous technological advantages. In fact, voices were raised last May suggesting that Taiwan should build strategic reserves of Bitcoin, similar to the United States.