Taiwan Prosecutors Indict 30 Over NT$20.1 Billion USDT Network
The operation allegedly used two platforms to process yuan-to-USDT conversions, with Taiwan serving as a customer-service and identity-verification hub.
Taiwan prosecutors indicted 30 people Sept. 23 over an alleged cross-border operation that processed 20.128 billion New Taiwan dollars in Tether (USDT) transactions, using Taiwan as a support hub for an overseas network.
The Taichung District Prosecutors Office accused a marketing-company executive and employees of operating NOW PAY and X PAY, which handled yuan-to-USDT conversions for merchants and individual crypto brokers. The platforms allegedly processed the transactions over roughly nine months and generated NT$315 million in profit.
The Taiwan office, opened in July 2025, recruited human-resources, operations and customer-service staff. Employees allegedly resolved orders, completed know-your-customer checks and helped move funds for the overseas group.
The operation also allegedly used fake Pokémon NFT and Magic Ring game websites as transaction covers, disguising yuan-to-USDT activity that Chinese authorities treat as illegal financial business. The case began after prosecutors investigating the sudden death of an employee found references to bank cards and USDT in company communications.
The indictment includes charges for providing virtual-asset services without registration and special money laundering. Prosecutors conducted five searches between May 27 and Aug. 17 and sought confiscation of alleged criminal proceeds. The company executive was detained without visitation rights, and NT$980,000 was seized.
