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CoinWants Technology colluded with a fraud ring to launder 2.3 billion New Taiwan dollars, and the ringleader was sentenced to 22 years in prison

PANews
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PANews July 17 report, citing The United Daily News, that Taiwan’s largest virtual currency firm, CoinTo Technology, has been accused of conspiring with a fraud syndicate to launder NT$2.3 billion. The mastermind, Shih Qiren, who has alleged ties to the Triad Tien Dao Meng, was sentenced to 22 years in the first instance. The report says CoinTo Technology conspired with the fraud group, using 45 stores across Taiwan to sell USDT to the public, causing more than 1,500 people to be scammed. After trial, a first-instance verdict was handed down on Thursday, finding that CoinTo Technology’s head, Shih Qiren, failed to complete anti-money-laundering registration and still illegally provided virtual asset services, resulting in a sentence of one year and four months; separately, for the aggravated fraud and money laundering charges—485 counts each—sentences were imposed, and the total was 22 years’ imprisonment, with forfeiture of criminal proceeds of NT$43.73 million.
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