The Taiwanese prosecutors have cracked down on the fraud case involving "Coin Idea" Technology Company, with money laundering amounting to 2.3 billion New Taiwan dollars

ChainCatcher news, according to the United Daily News, the prosecutors in Taiwan have cracked down on the virtual currency physical store trading platform "Coin Idea" Technology Company for involvement in a fraud case, with money laundering amounting to 2.3 billion New Taiwan Dollars, affecting over a thousand victims.

Since April, the prosecutors have launched search operations, successively detaining 14 individuals including the responsible person, Shih Chi-jen, and seizing cash of 60.49 million NTD and 640,000 USDT and other virtual assets. The Shilin District Prosecutors Office today prosecuted the 14 individuals for fraud, money laundering, and organization-related crimes, and applied for the confiscation of criminal proceeds amounting to 1.275 billion NTD. Three detained defendants, including Shih Chi-jen, were transferred to the Shilin District Court today. The "Coin Idea" Technology Company illegally provided cryptocurrency services through overseas trading platforms not approved by the Financial Supervisory Commission and its more than 40 franchise stores in Taiwan.