The Taiwan Prosecutor's Office has cracked a fraud case involving the "Coin Think" technology company, with money laundering amounting to NT$2.3 billion.

On August 22, according to United News Network, the prosecutors in the Taiwan region of China uncovered a fraud case involving the virtual currency physical store trading platform "Coin Dream" Technology Company, with money laundering amounting to NT$2.3 billion and over a thousand victims. The prosecutors launched search operations in April, gradually detaining 14 people including the person in charge, Shi Qiren, and seizing NT$60.49 million in cash, 640,000 USDT and other virtual assets. The Shilin District Prosecutors Office today prosecuted 14 individuals for fraud, money laundering, and organization-related crimes, and applied for the confiscation of criminal proceeds amounting to NT$1.275 billion. The prosecutors pointed out that Shi Qiren and others illegally provided virtual asset services through the trading platform "CEX (CEX)" which was not approved by Taiwan's Financial Supervisory Commission, and had not completed money laundering prevention registration, and falsely attracted investments under the pretext of investment, when in reality, it was a means for a fraud group to collect money. Group members also falsely claimed to be the "only one authorized by Taiwan's Financial Supervisory Commission," attracting a large number of investors. As of April this year, there have been 1,539 victims in Taiwan, with a total fraud amount reaching NT$1.275 billion, and the money laundering amount exceeding NT$2.3 billion. After the crime, Shi Qiren had a poor attitude and refused to plead guilty, and the prosecutors requested the court to impose a heavier sentence, sentencing him to 25 years in prison.