A Taiwan court sentenced the leader of a major crypto fraud ring, a man surnamed Shih, to 22 years in prison. In total, 14 people were indicted.
Key Takeaways
Shih received a 22-year prison sentence in Taiwan for leading the Cointhink crypto fraud ring.The ring laundered $71.3 million USD via Tether’s USDT, exposing risks in unverified crypto exchange platforms.Suspect Shih can appeal his 22-year sentence while prosecutors seek to seize assets from 14 defendants.Fourteen individuals in total were reportedly indicted in connection with the criminal operation on charges that included violating the Fraud Crime Prevention Act. According to an investigation spearheaded by the Shilin District Prosecutors Office, the fraudulent group lured investors by falsely advertising Cointhink Technology as “the only platform authorized by the Financial Supervisory Commission” in Taiwan.
The indictment against Shih, who can still appeal the verdict, and his 13 co-conspirators was initially filed last August by the Shih-chung District Prosecutors Office, which actively requested the total confiscation of all ill-gotten gains.
Though prosecutors originally recommended a combined 25-year prison term, the Shilin District Court ultimately settled on the 22-year sentence.
