Exclusive | Quantum Tech Erupts in Management Power Struggle, Two Co-founders Accuse Each Other of Embezzling Hundreds of Millions in Assets

Taiwanese fintech company Quantrend Technology has recently erupted into a serious corporate governance dispute. The two co-founders, Chen Tai-Yuan and Hsu Ching-Teng, each issued statements yesterday (the 3rd), launching fierce mutual accusations regarding the company’s financial situation, the flow of funds as high as NT$100 million, and management responsibility. Both sides have confirmed that the case has entered judicial proceedings, with former business partners now facing off in court.

(Men’s restroom full, hiding in the women’s? Secretly moving company sofas and bottled water? Former “startup genius” Chen Tai-Yuan accused of embezzlement, sexual harassment, and other absurd acts)

Quantrend Technology’s Hundreds of Millions in Funds Shrouded in Mystery

The flashpoint of the dispute centers on the whereabouts of more than NT$100 million in company assets.

Chen Tai-Yuan, who serves as both founder and supervisor of Quantrend Technology, stated that in October of this year, while fulfilling his supervisory duties to audit the accounts, he discovered “abnormal transfers” of bank deposits, virtual currency assets, and overseas funds handled by then-CEO Hsu Ching-Teng, with the estimated amount exceeding NT$100 million. Chen accused Hsu of refusing to provide explanations regarding the flow of funds and has therefore filed criminal complaints on behalf of the company against Hsu for “business embezzlement,” “breach of trust,” and “violations of anti-money laundering laws.”

In response, Hsu Ching-Teng issued a statement firmly denying the allegations. He emphasized that all fund and virtual currency operations during his tenure were conducted according to company decision-making processes and authorization, with complete internal approvals and transaction records, and categorically denied any “asset stripping.” Hsu countered that during periods of tight company operating funds, he not only took nothing for himself but also lent the company over NT$100 million of his own money, holding loan agreements and remittance records, claiming to be the company’s “largest creditor.”

Mutual Legal Accusations: Prosecutors and Police Involved in Investigation

Besides the financial dispute, both parties are attacking each other’s legal responsibilities.

Chen Tai-Yuan’s side, through a lawyer’s statement, emphasized that regarding external accusations of his involvement in financial controversies, he has proactively cooperated with the authorities to clarify matters. He stressed that the relevant assets remain under Quantrend Technology’s name, and he has not taken a cent. After explaining to prosecutors and police, he was released. Chen believes that recent negative media reports about him are retaliatory moves by interested parties to blur the focus after the incident.

Hsu Ching-Teng, on the other hand, accused Chen Tai-Yuan of being the real party involved in misappropriating company assets. In his statement, Hsu criticized Chen for allegedly “embezzling while serving as a supervisor,” and revealed that judicial authorities are now investigating, having searched Chen’s residence and related locations and seized evidence. Hsu claimed that Chen’s false accusations are attempts to divert attention and shirk responsibility.

Employees Owed Wages, Both Sides Blame Each Other for Management Disputes at Quantrend Technology

On the management front, both sides have their own accounts.

Hsu Ching-Teng accused Chen Tai-Yuan of long-term neglect of responsibilities during the company’s difficulties, ignoring employee rights, and even refusing to respond when employees inquired about salaries. Hsu claimed that after the company ceased operations, he still tried his best to coordinate employee wages and post-closure matters.

Chen Tai-Yuan, on the other hand, warned investors that Hsu Ching-Teng is still soliciting funds externally after the incident. He urged the public and stakeholders to carefully assess risks and not to blindly trust investment promises to avoid losses.

It is reported that employees said Chen Tai-Yuan displayed many out-of-control and inappropriate behaviors, such as emotional outbursts and manipulative remarks when handling the matter. Objectively speaking, it has now become a situation of many against one, and the wage arrears have caused significant employee dissatisfaction.

Case Moves to Judicial Proceedings

Both sides have stated that they have preserved relevant evidence (including accounting books, bank statements, virtual currency records, etc.) and submitted it to judicial authorities. Chen’s side emphasized that they will pursue responsibility for false reports; Hsu’s side said they reserve the right to take legal action and called on the media to return to fact-checking.

Whether this tech company’s internal conflict is a case of a supervisor exposing wrongdoing or a struggle over interests among the management remains to be clarified by further judicial investigation.

This article Exclusive: Quantrend Technology Erupts in Corporate Power Struggle, Two Major Founders Accuse Each Other of Embezzling Over NT$100 Million first appeared on Chain News ABMedia.