Crypto Catastrophe: Millions Vanish in Baffling Scheme!

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Authorities allege (rather miffed, I daresay) that this exuberant outfit managed to drum up tens of millions of dollars through its crypto contraption—sans the shred of a nod from the local financial powers-that-be. One might posit that calling it “daring” is understating things a touch, what with the Taipei District Prosecutors’ Office now gleefully sharpening its pencils in anticipation of bank-license-less banking charges 😲.

At center stage sits the company’s fearless ringleader, Steaker’s founder, one Huang Weixuan, along with three of his most trusted cohorts, who, rumor has it, pulled every lever in this circus. Prosecutors, evidently not content with wagging a disapproving finger at just these fine individuals, appear to be aiming a fair few legal cannons at the organization itself, evoking the same regulations typically reserved for illicit deposit-taking tomfoolery 🤷‍♂️.

For the curious, Steaker’s 2019 extravaganza promised up to 88% annual returns (yes, you read that correctly—88%! 😅). Evidently, the unsuspecting public was told these bewitching numbers were as stable as a lord’s whiskers, courtesy of a robust safety net maintained in cahoots with a cybersecurity firm. Alas, the watchful financial hawks opine that such flashy offerings were suspiciously akin to the more ordinary deposit-taking lark, which, in Taiwan, is about as welcome without a license as a giraffe at a tea party.

But hold your hats, dear readers—investigators claim that the cash, once collected, took a grand voyage to crypto exchange FTX, into wallets brandished by the intrepid Huang. There, it was set loose in a swirl of lending and arbitrage maneuvers, presumably to spin straw into gold. Then FTX toppled in November 2022 and—poof—those shiny assets cleared out like guests at a dull soirée, leaving Steaker awkwardly shrugging its shoulders at investors 🤦‍♂️.

To add further comedic confusion, official documents suggest some digital morsels were spirited away in advance, merrily paying for staff earnings and outside traders’ fees. This, of course, invites even more pointed questions regarding how funds were juggled behind closed doors.

In a rather hasty rebuttal, Huang declared online that Steaker’s cross-chain wizardry does not qualify as deposit-taking or money laundering (well, fancy that!). The company also took umbrage at the notion that crypto might be treated on par with old-fashioned fiat currency—an idea that could, one imagines, rewrite the rules of the game for digital coins and tokens in Taiwan moving forward 🚀.

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2025-04-13 10:43