Coin Money Laundering case exposed: Tiandao Alliance invests millions to establish a foothold, Criminal Investigation Bureau reveals there are 4 more unexploded bombs.

The crypto exchange "Bitshine" was exposed to fraud, money laundering and organized crime, and the person in charge, Shi Qiren, was actually a key role in the Tiandao Alliance, and the financial owner behind the scenes planted a lot of money in the flag coin circle. The Criminal Bureau comprehensively searched 45 stores, found more than 1,000 victims, gold flows as high as 1.7 billion yuan, and predicted that 4 suspected coin dealers involved in the case will be traced, which is only the tip of the iceberg of the black gold factory.

Selling dog meat on sheep's heads: 45 illegal franchise stores laundered more than 1.7 billion

According to a report by Dongsen News, the Criminal Investigation Bureau and the Financial Supervisory Commission have jointly cracked down on illegal virtual currency transactions, uncovering that the so-called largest physical coin business in Taiwan, "Bitshine Technology," is suspected of fraud, Money Laundering, forgery, and organized crime. The company rapidly opened stores with a franchise investment of 1.5 million, establishing 45 outlets across Taiwan, but claimed to the public that all were directly operated.

After investigation, it was found that there are 43 franchise stores, among which 35 are related to fraudulent cash flows, while the remaining two directly-operated stores are involved in illegal transactions amounting to as much as NT$ 500 million.

The amount involved has accumulated to 1.7 billion, with the number of victims exceeding 1,000, making it one of the largest Money Laundering cases in Taiwan's encryption market.

( Taiwan's largest physical coin dealer "Coin Thinking" involved in Money Laundering, Criminal Investigation Bureau 33 searches, 7 people taken into custody )

Tiandao Alliance smashed 7 million to stake a claim on the coin, with Bamboo Union and Four Seas closely following to seize the beachhead.

What is shocking is that the financial backers behind Cointhink Technology have deep connections with local organized crime. The Criminal Investigation Bureau's investigation found that the person in charge, Shi Qiren, not only claimed to be a member of the "Heavenly Way Alliance Justice Society," but also had previously operated multiple illegal coin businesses. In 2023, he took over Cointhink for 70 million and entered the crypto world, paving the way for the Heavenly Way Alliance.

It is understood that after the Tiandao Alliance successfully cut into the currency circle, gangs such as the Bamboo Union Gang and the Four Seas Gang also rushed in, not only controlling the exchange, but even developing a "VIP money laundering channel" to tailor the transfer process for the fraud group, and the coin merchants became an important springboard for the circulation of black gold.

The removal of coins from the VASP list has raised concerns as three coin merchants consecutively exited.

CoinX Technology was originally a legal virtual currency operator approved by the Financial Supervisory Commission (VASP), but has been delisted after the incident. Ironically, shortly after CoinX was delisted, three registered coin merchants: "Yin Tianxia, Asia Pacific Easyante, Yangjia" quickly took the initiative to exit, reportedly all with close ties to Shi Qiren.

The Criminal Investigation Bureau revealed that there are four other crypto companies in the currently approved list by the Financial Supervisory Commission that are similarly suspected of involvement in illegal activities, and the investigation is ongoing, with the goal of "sweeping out" the illegal forces hidden in the crypto world.

( The Financial Supervisory Commission's statement on Money Laundering has removed the coin, Yin Tianxia stated that he was confused and has withdrawn on his own from ).

Criminal Bureau Announcement: Sweep Operation Ongoing

The Criminal Bureau launched a large-scale crackdown at the end of April, simultaneously searching 45 stores of Coin Idea Technology and bringing back 12 suspects, including Shi Qiren. The entire case has been transferred to the Shilin District Prosecutor's Office for investigation based on charges of fraud, Money Laundering prevention laws, organized crime, and forgery.

In recent years, virtual currency operators have switched from a registration system to a licensing system, and are required to submit organizational structure and money laundering prevention statements. However, Shi Qiren and others took advantage of the gray area of the system to expand the base of coin merchants in the franchise model, and absorbed illegal coin merchants to operate in their stores, so that many trading venues that should have been regulated have actually secretly become capital transfer stations for fraud groups, seriously undermining market order and user trust.

The Criminal Investigation Bureau emphasized that this case is just the beginning, and there will be thorough investigations into more registered coin dealers to completely eliminate the illegal tumors within the virtual currency industry.

(VASP Large Inspection｜Crypto world suspected of fraud triggers regulatory storm, the largest virtual currency inspection in the history of the Financial Supervisory Commission is initiated)

This article exposes the insider story of the Money Laundering case: Tiandao Alliance invests millions to establish a foothold, and the Criminal Investigation Bureau reveals there are still 4 unexploded bombs. It first appeared in Chain News ABMedia.