Scammers Sentenced for NT$2.1 Million Crypto Fraud Involving High-Speed Rail Transfers

A sophisticated cryptocurrency scam has resulted in prison sentences for three individuals involved in defrauding a victim of NT$2.1 million (approximately $64,000 USD). The complex scheme involved intricate money laundering techniques designed to obscure the illicit funds.

The operation saw one perpetrator, identified as Wen, pose as a cryptocurrency dealer to collect the NT$2.1 million in cash from the victim. She then followed instructions to place the money under a car outside the victim's residence. Another individual, Ye, retrieved the cash from beneath the car and transported it to a restroom in the parking lot of the High-Speed Rail's Wuri Station.

From the HSR station restroom, the money was further transferred to another individual, Lin (currently being processed in a separate case), who then handed it off in a restroom within the station itself to a person known as "Tiger." This multi-stage transfer was intended to create breakpoints in the money flow, making it difficult for authorities to trace the funds. Wen received a mere NT$1,000 for her participation in this part of the operation.

Despite the cash being unrecoverable, police successfully apprehended Wen and Ye by tracking surveillance footage. Ye was observed retrieving the money from under the car. The final suspect, Su, the overall money collector, was later arrested. Su admitted to the money laundering aspect but denied involvement in the fraud itself, claiming he was merely following "Tiger's" instructions for cryptocurrency transactions.

However, the court found that none of the three individuals possessed experience or expertise in cryptocurrency trading. Their methods, including using coded language for cash, transferring funds in and out of restrooms, not counting the money precisely, and failing to obtain receipts, were deemed inconsistent with legitimate transactions. The court concluded they acted with fraudulent intent and were jointly responsible. Wen was sentenced to 1 year and 8 months, Ye to 2 years and 2 months, and Su to 2 years and 3 months in prison.