CEO of Taiwan's Largest Crypto Exchange Sentenced to 22 Years for Fraud and Money Laundering

According to BlockBeats, on July 16, Coinbank (币想科技), Taiwan's largest virtual currency exchange, had its CEO Shi Qiren sentenced to 22 years for money laundering and fraud. The Shilin District Court found that Coinbank conspired with fraud rings to launder over 23 billion New Taiwan dollars through 45 retail outlets, facilitating cash purchases of USDT that were converted to U.S. dollars and transferred overseas. Between January 2024 and April 2025, the scheme affected 1,539 victims with losses exceeding 12.7 billion New Taiwan dollars. Shi and 13 others were charged with aggravated fraud, money laundering, and illegal provision of virtual asset services.
Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.
Comment
0/400
No comments