CoinVoice has learned that, according to United Daily News, prosecutors in the Taiwan region of China have cracked a fraud case involving the virtual currency physical storefront trading platform "Coin Idea" Technology Company, with a money laundering amount reaching 2.3 billion Taiwan dollars, affecting over a thousand victims.

Since April, the prosecutors have launched search operations, successively detaining 14 individuals including the person in charge, Shi Qi-ren, and seizing cash amounting to 60.49 million NTD, along with 640,000 USDT and other virtual assets. The Shilin District Prosecutor's Office has today indicted 14 individuals on charges of fraud, money laundering, and organized crime, and has applied for the confiscation of criminal proceeds amounting to 1.275 billion NTD. Three detained defendants, including Shi Qi-ren, 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 over 40 franchise stores in Taiwan. [Original link]