The post Taiwan authorities sue Steaker platform for unauthorized crypto investment scheme appeared on BitcoinEthereumNews.com.

Taiwan authorities have initiated legal actions against Steaker for running an unauthorized crypto investment scheme. According to reports, authorities charged the founder, Huang Weixuan, alongside other executives for their part in the investment scheme. According to the authorities, the quartet were involved in allegedly using the Steaker platform to raise about $45.8 billion through unauthorized crypto investment schemes. The Taipei Prosecutors’ Office confirmed the charges on Thursday, noting that their acts are against the Banking Act rules which frowned upon taking deposits without a license. According to the report, aside from the founder Huang Weixuan, the platform’s Chief Technology Officer Xiu Minje, Chief Marketing Officer Lu Tianxin, and Chief Operations Officer Pan Yiting are billed to face charges in connection with those allegations. The prosecution also urged the court to move forward and penalize the company under the Banking Act, but it remains to be seen what will happen as the case still remains in court. Taiwan authorities drag Steaker platform to court According to filings, Huang is a blockchain legend in Taiwan, with the Steaker founder trading Bitcoin while he was at the National Taiwan University. He developed a crypto wallet before going to work as a software engineer at Yahoo. After he left Yahoo, he founded Steaker in 2019, noting that he had amassed about $55 million in assets under management in two years. He is also regarded as one of the leaders in the blockchain space in the country. According to Taiwanese prosecutors, Steaker operated multiple digital asset investment plans since its inception. The company began operations in 2019 and sold investors the promise of huge returns ranging from 3.5% to 88% annually. The company raised funds in several digital assets, including USDT, Bitcoin, and Ethereum. The platform also claimed that assets deposited by its users were…

---

Filed under: News - @ April 12, 2025 5:29 pm