Investigation into Coinwish Technology Company
In a significant crackdown on fraudulent activities linked to virtual currency, the prosecutor’s office in Taiwan has launched an investigation into “Coinwish” Technology Company. This operation, initiated in April, has resulted in the detention of 15 individuals, including the company’s leader, Shi Qiren. Authorities have reported that the fraud case involves a staggering 2.3 billion New Taiwan Dollars and has affected over a thousand victims across the region.
Fraudulent Operations and Victims
Investigations revealed that “Coinwish” operated as an unauthorized trading platform, misleadingly providing virtual asset services without approval from Taiwan’s Financial Supervisory Commission. This platform was coupled with franchise stores that further perpetuated the fraudulent activities. The perpetrators lured investors under the guise of offering investment opportunities while embezzling their funds, falsely claiming to have official authorization from the regulatory body, which was not the case.
As of April this year, reports indicate that the number of victims has reached 1,539, collectively losing 1.275 billion New Taiwan Dollars in total and contributing to the money laundering scheme totaling 2.3 billion New Taiwan Dollars.
Legal Proceedings and Charges
In recent developments, the Shilin District Prosecutor’s Office has filed charges against the detained individuals for their involvement in fraud, money laundering, and organizing crimes, including plans to seize criminal gains amounting to 1.275 billion New Taiwan Dollars.
Defiance and Sentencing
Despite the overwhelming evidence, Shi Qiren’s demeanor during proceedings has been defiant, with reports suggesting he has refused to cooperate or admit guilt. The prosecution is pushing for a lengthy prison sentence of 25 years, citing the severity of the offenses and the substantial impact on victims.
