A father and son in Taiwan opened a virtual currency chain store for money laundering, with the amount involved reaching 3.1 billion New Taiwan dollars

ChainCatcher news, according to the United Daily News, a father-son duo with the surname Zhou from Taichung, Taiwan, collaborated with an overseas fraud group to establish ten virtual currency chain stores in the country, using legal currency stores as a cover to secretly engage in illegal money laundering activities, with the amount involved reaching up to 3.1 billion New Taiwan Dollars. On March 21, the Yunlin District Prosecutor's Office prosecuted 17 individuals for aggravated fraud and money laundering, seeking a 20-year heavy sentence for the masterminds Zhou Hongwei, Liu Jinggu, and You Junfu.

The prosecutors pointed out that the fraud gang attracted victims who lacked knowledge of virtual currency to invest by disguising the appearance of legitimate currency stores. Victims exchanged cash for Tether (USDT) in the stores, and were then guided to transfer funds to overseas fraud operations. The entire process was meticulously designed, including the "fake currency store, real water room" and "fake logistics, real drivers" model, comparable to a crime movie plot.