Nearly 1.5 billion in funds! The founder of the encryption asset management platform Steaker, Huang Weixuan, along with three senior executives, has been indicted.

At just 34 years old, blockchain industry professional Huang Wei-Hsuan quickly rose to prominence by founding the encryption asset management platform Steaker, but has now been indicted along with three core executives of the company for allegedly illegal fundraising and money laundering. The Taipei District Prosecutor's Office discovered that the Steaker platform raised nearly 1.5 billion New Taiwan Dollars through high-yield investment schemes that claimed to guarantee both principal and profits, attracting significant external attention.

The founder of Steaker has been formally indicted for raising nearly 1.5 billion New Taiwan Dollars.

According to reports from China Times, Huang Wei Hsuan, a well-known figure in Taiwan's Blockchain industry and the head of "Siti Tech (Steaker)", has been formally indicted by the Taipei District Prosecutor's Office on the 11th for allegedly illegally siphoning off NT$ 1.48543 billion through his established digital asset management platform, in violation of the Banking Act and the Money Laundering Prevention Act.

Also indicted along with him are Chief Technology Officer Hsieh Min-Chieh, Chief Marketing Officer Lu Tien-Hsin, and Chief Operating Officer Pan Yi-Ting. The illegal gains of the company and related individuals have all been seized.

Steaker claims high returns with no losses, attracting investors in droves.

Huang Weixuan, 34, a graduate of the Department of Resources and Engineering of National Taiwan University, has been involved in bitcoin trading and developing crypto wallets since his student days, and founded Steaker in 2019, once becoming a leader in digital asset management in Taiwan. The platform's highest assets under management exceed US$60 million, equivalent to about NT$2 billion, and are regarded as legends in the blockchain industry.

The prosecution states that since its establishment in 2019, Steaker has continuously launched various products for virtual currency investment, attracting a large number of investors to invest funds using Bitcoin, Ethereum, and various stablecoins. The platform's products are categorized into five investment plans ranging from conservative to adventurous based on risk levels, with an annualized return rate claimed to reach 3.5% to 8.8%, enticing investors to participate under the guise of capital preservation and profit.

The storm arose from the collapse of FTX, and investors are angrily suing for fraud.

In November 2021, the American cryptocurrency exchange FTX filed for bankruptcy protection, and Steaker had approximately $10 million in asset exposure to FTX. Following this incident, Steaker began to restrict withdrawals for some investors, leading to dissatisfaction and panic, with many believing they had been defrauded and reporting to the investigative units, accusing Huang Wei-Hsuan of fraud and illegal fundraising.

(The Steaker Dawn Project compensation is proceeding as scheduled, with over 70% of users participating ).

On December 21, 2021, the investigation and prosecution authorities launched a major operation and searched Steaker Company in multiple locations, and interviewed Huang Weixuan and 5 employees. Huang was detained due to concerns of fleeing, destroying evidence, and colluding to testify. The North District Court approved his detention with restrictions on visitation, lasting 51 days. He was then released on bail of 3 million and restricted from leaving the country and going to sea. Other executives were released on bail ranging from 250,000 to 500,000.

The prosecution reveals "illegal facts", and Steaker executives may face serious charges.

The indictment details the fundraising process and cash flow of the Steaker platform, including investors depositing various cryptocurrencies, with a total value approaching NT$1.5 billion. Huang Wei-hsuan and three senior executives are charged with violating the Banking Act and the Money Laundering Prevention Act, facing severe criminal penalties, which also symbolizes the importance of the legal and regulatory environment that Taiwan's cryptocurrency industry must confront.

(Steaker Investment Legitimacy in Doubt? Illegal Fundraising Court Ruling Will Significantly Impact Taiwan's Virtual Currency Regulations!)

This article attracted nearly 1.5 billion! The founder of the cryptocurrency asset management platform Steaker, Huang Weixuan, and three executives have been prosecuted. It first appeared in Chain News ABMedia.