The CoinW exchange in Taiwan is accused of participating in a money laundering case involving 2.3 billion TWD and more than 1,500 victims.
The Shilin District Prosecutor's Office has completed the investigation, prosecuting 14 related individuals, with the main responsible person sentenced to 25 years in prison for crimes related to organized crime, serious fraud, and money laundering.
MAIN CONTENT
CoinW is involved in a money laundering case exceeding 2.3 billion TWD with over 1,500 victims.
14 individuals have been prosecuted, with the leader receiving a sentence of 25 years in prison.
Authorities have seized 640,000 USDT, Bitcoin, TRX, and many other assets.
What is CoinW being investigated for and what charges does it face?
CoinW is accused of participating in a large-scale money laundering case involving 2.3 billion TWD and over 1,500 victims. The Shilin District Prosecutor's Office has conducted a thorough investigation and prosecuted 14 related individuals.
The main responsible person, Shi Qiren, has been charged with organized crime, serious fraud, and money laundering. The seized assets include 640,000 USDT along with various cryptocurrencies such as Bitcoin and TRX.
The criminal behavior of CoinW demonstrates the seriousness of organizations exploiting cryptocurrency exchanges to conceal illegal activities.
What are the results of the lawsuit and the sentences for those involved?
Shi Qiren, the operator of the case, has been sentenced to 25 years in prison for charges of organized crime, serious fraud, and money laundering, reflecting the law's strictness against violations in the cryptocurrency sector.
The enforcement of strict sentences reflects the determination to protect consumers and social order from illegal activities related to cryptocurrency.
Excerpt from the Shilin District Prosecutor's Office statement, 22/8/2024
The remaining defendants in the case are proposed to receive lighter sentences, including probation and reduced penalties, in accordance with the roles and extent of violations of each individual.
The rapid coordination between authorities has helped recover a large portion of illegal assets, contributing to a healthier market.
What assets have been seized by authorities in this case?
During the investigation, authorities seized a total of 640,000 USDT along with cryptocurrencies like Bitcoin and TRX and several other related assets to prevent the continued use of illegal funds.
The asset seizure confirms the effectiveness in combating financial/digital banking crime and protecting the rights of victims.
This action also sends a strong message about transparency and accountability in the cryptocurrency sector, contributing to a safer trading environment.
Frequently Asked Questions
What is CoinW accused of in this case?
CoinW is under investigation for involvement in a money laundering case exceeding 2.3 billion TWD and more than 1,500 victims, with charges of organized crime, fraud, and money laundering.
What sentence did the leader of the case receive?
Shi Qiren, the main responsible person, has been sentenced to 25 years in prison for organized crime, serious fraud, and money laundering.
How many individuals have been prosecuted in this case?
A total of 14 related individuals have been prosecuted, with varying sentences depending on the roles and levels of crime.
What assets have authorities seized?
Approximately 640,000 USDT, Bitcoin, TRX, and many other cryptocurrency assets have been seized during the investigation.
What does the action of the authorities mean?
The prosecution and asset seizure demonstrate the determination to protect the cryptocurrency market and consumer rights.
Source: https://tintucbitcoin.com/coinw-exchange-vuong-rua-tien-23-ty-twd/
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