The People’s Party calls akaSwap illegal subsidies! A boomerang comes back to hit Ge Rujun; Xiao Shangnong: What about Treasure Island Finance?

Taiwan People's Party Legislative Yuan Caucus Accuses Democratic Progressive Party Member and New Taipei City Mayor Candidate Su Chiao-hui's Family of Illegally Applying for 5.94 Million NT Dollars in Government Subsidies. The Ministry of Economic Affairs' Investigation Finds No Records Linking Related Parties to Su Chiao-chun.

Green Camp Family Accused of "Overseeing Budget Approval and Receiving Subsidies," Campaign Office Responds to Party's Mistaken Allegations

Recently, the Taiwan People's Party Legislative Caucus launched a fierce political offensive against DPP-affiliated New Taipei City mayoral candidate Su Chiao-hui, holding multiple press conferences to question her sister Su Chiao-chun’s role at the blockchain NFT art platform akaSwap. They allege that the platform, operated by the entity "Weiru Technology," applied for government subsidies from central agencies like the Ministry of Culture and the Ministry of Economic Affairs, totaling over 5.94 million NT dollars.

Candidates Lin Tzu-yu and Chen Yi-chun, along with Legislator Chen Chao-tzu, pointed out that when Weiru Technology applied for the 114th-year Cross-domain R&D Subsidy Program, it failed to fully disclose that CEO Su Chiao-chun was a second-degree relative of a legislator, in violation of the Conflict of Interest Avoidance Law for public officials. They criticized this as blatant deception and demanded Su Chiao-hui apologize immediately, step down from the mayoral race, and withdraw from the election.

Image source: Voice of the People. Candidates Lin Tzu-yu and Chen Yi-chun, along with Legislator Chen Chao-tzu, at the press conference demanding Su Chiao-hui apologize and withdraw from the mayoral race.

In response to continuous accusations from opposition parties, Su Chiao-hui’s campaign spokesperson Ma Heng-heng issued a strong rebuttal, calling the allegations a mistaken report. She emphasized that Su Chiao-chun is neither a shareholder nor an employee of Weiru Technology, and that Su Chiao-hui has never been involved in any government projects. She further criticized the Taiwan People's Party, stating that if they have concrete evidence of illegal activity, they should file a report with the court instead of engaging in baseless political smearing.

Ministry of Economic Affairs Clarifies the Identity of Related Parties and Ensures Proper Review of Subsidy Expenditure

According to a report by Central News Agency, the competent authority, the Ministry of Economic Affairs, subsequently issued an official statement regarding this political controversy.

• After reviewing the 114th-year Cross-domain R&D Subsidy Program "Virtual Time Integration Film and Interactive Circle Service Development Project," it was found that the proposal was jointly submitted by three companies: Chuangzao Intelligent, Weiru Technology, and Fugu Yu Chuangzao;
• For the 113th-year Service Industry Innovation R&D Program (SIIR) by the Small and Medium Enterprise Administration, Weiru Technology was responsible for executing the "Virtual-Real Integration Consumer Precision Service Development and Promotion Plan."

The Ministry of Economic Affairs stated that during the implementation of these projects, the registered and publicly disclosed information of the responsible persons, directors, supervisors, major shareholders, and insured personnel of the three companies showed no records related to Su Chiao-chun.

Regarding the relationship between the akaSwap platform and Weiru Technology, the Ministry explained that the Small and Medium Enterprise Administration commissions media to compile annual achievement reports to promote innovative cases. Although reports mention Weiru Technology as the platform operator, the projects had already been completed at that time. The actual government subsidy recipients remained the legal entities of Weiru Technology, so the platform itself cannot be directly equated with the company.

The official emphasized that all related case approvals have fulfilled administrative review obligations, and project expenses are subject to audit by certified accountants. Based on current information, there is no evidence to suggest violations of the Conflict of Interest Avoidance Law.

Backfire? Kuang Ju-jun Revealed as the Actual Shareholder of Weiru Technology

As the blue and white camps continue to intensify their attack on green family members, a dramatic twist occurred. According to Liberty Times, the true major shareholder of Weiru Technology is not Su Chiao-chun but Kuang Ju-jun, a legislator representing the Kuomintang’s at-large seats (known as "Bao Doctor" online).

Public records show that Kuang Ju-jun was not only an initial shareholder of Weiru Technology but also posted on November 11, 2021, that he would exclusively sell his first single NFT digital album via akaSwap platform, indicating a close business relationship.

Image source: Kuang Ju-jun’s Medium. Kuang Ju-jun announced that he would sell his first single limited edition NFT digital album exclusively through akaSwap.

Faced with this sudden political backlash, Kuang Ju-jun immediately publicly admitted that he indeed holds shares in Weiru Technology and explained that he supported his college friend’s startup with a small investment. To quell political controversy, he announced he would relinquish all his shares and related rights in the company.

This development allowed the green camp to counterattack, arguing that the opposition’s original attempt to politically purge Web3 innovation platforms by attacking was ultimately exposed as involving a public official with vested interests—namely, their own legislator. With current evidence, the overall allegations are difficult to substantiate.

Xiao Shang-nung Posts Criticism, Awakening Old Controversy Over $24 Million in Taibao Financial

This blue-green political melee triggered by the akaSwap subsidy case unexpectedly rekindled memories of past major controversies in Taiwan’s cryptocurrency community. Blockchain entrepreneur and iCook founder Xiao Shang-nung posted on his social media, saying: “akaSwap, this so-called laid-back NFT platform, only got a $200k subsidy. That makes me think of the Taibao Financial blockchain project that Mayor Guo-Liang of Guo-Liang City never completed, which was supposed to involve billions?”

Image source: Threads/Xiao Shang-nung’s social media post criticizing the Taibao Financial case.

This comment immediately sparked heated discussion within the blockchain circle.

Looking back at the 2018 scandal involving Taibao Financial (Formosa Financial), which shocked Taiwan’s crypto scene, the project was co-founded by then-Keelung Mayor Shie Guo-liang, celebrity Huang Li-cheng, and others. They issued the FMF token, raising up to 44,000 ETH from the public and angel investors, with a market value of about $24 million USD, roughly NT$740 million.

However, shortly after issuance, about 22,000 ETH was misappropriated without disclosure, and the founding team later bought back shares to exit collectively. The project eventually ceased operations, and the tokens were delisted.

Some community members pointed out that, compared to akaSwap’s execution under the SIIR plan, promoting virtual-real integrated member economy, and completing the Ministry of Economic Affairs’ review and reimbursement procedures, the controversy over Taibao Financial’s involvement of billions of dollars remains unresolved. The two cases differ significantly in scale, nature, and legal status.