Father and Son in Taiwan Accused of Laundering NT$3.1 Billion in Crypto Scam

In Brief:

A father-son duo in Taichung allegedly laundered over NT$3.1 billion (~$97M) in USDT through 10 fake crypto stores.

Prosecutors are seeking 20-year sentences for main suspect Zhou Hongwei and accomplices.

‍

Authorities in Taiwan's Yunlin District have charged 17 individuals, including a father and son surnamed Zhou, for their roles in a major cryptocurrency laundering scheme linked to overseas fraud operations. The duo is accused of opening 10 virtual currency stores across Taiwan that served as fronts for laundering USDT (Tether).

According to prosecutors, the operation moved NT$3.1 billion (approx. $97 million USD), defrauding more than 1,000 victims in the process. The main suspect, Zhou Hongwei, and his son allegedly collaborated closely with international scam groups to facilitate illicit fund transfers.

The Yunlin District Prosecutor’s Office has charged the suspects with aggravated fraud and money laundering, and is pushing for 20-year prison terms for the key figures due to the severity and scale of the crime.

‍