TechFlow news, August 22 — According to United Daily News, "Bixiang" Technology, the largest cryptocurrency exchange entity in Taiwan, is suspected of assisting fraud groups in money laundering amounting to up to 2.3 billion New Taiwan dollars. Today, prosecutors filed charges against 14 individuals, including the company's responsible person Shi Qiren, and requested a 25-year prison sentence for the main suspects.
The company allegedly provided cryptocurrency services illegally through overseas exchanges unapproved by the Financial Supervisory Commission and its more than 40 franchise outlets in Taiwan. Prosecutors seized 60.49 million New Taiwan dollars in cash and 640,000 USDT tokens, among other crypto assets, and have petitioned for confiscation of criminal proceeds totaling 1.275 billion New Taiwan dollars. The investigation revealed that 1,539 investors have been victimized in this case.
