Taiwanese authorities have initiated legal action against Huang Weixuan and the Steaker executive team for unauthorized crypto investment operations. They reportedly raised roughly 45.8 billion USD without proper licensing, breaching the Banking Act.
The charges also include mismanagement of investor funds amid withdrawal issues following the FTX collapse in 2022. Investors were promised annual returns of 3.5% to 88%, but faced losses as the platform struggled financially.
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