Allegations of fraud by cryptocurrency asset management platform Steaker’s founder and CEO Wilson Huang (黃偉軒) likely arose from the company conducting specialized financial services without a business license, the Financial Supervisory Commission said on Friday.
Steaker Inc did not fulfill the requirements for its business operations, did not comply with regulations under the Money Laundering Control Act (洗錢防制法) and has likely contravened money laundering laws, the commission’s officials said.
The company had operated cryptocurrency exchange and investment schemes, on which it might have engaged in fraudulent or money laundering activities, as it engaged with the specialized financial services sector without a business license, it said.
The Taipei District Prosecutors’ Office searched the company’s offices and summoned its executives for questioning on Thursday.
Huang was denied bail and placed under judicial detention.
The Ministry of Justice Investigation Bureau cooperated with Taipei prosecutors to raid seven locations, collecting evidence and serving summonses.
Huang’s younger brother, Steaker deputy manager Huang Hao-hsuan (黃浩軒), the company’s chief technical officer Jesse Hsiu (修敏傑), chief operating officer Emma Pan (潘沂莛) and its marketing manager Tesia Lu (盧天心) were summoned and later released on bail ranging from NT$250,000 to NT$500,000 each.
Judicial authorities said the investigation focused on suspected defrauding of investors out of billions of New Taiwan dollars, while prosecutors alleged the executives had contravened the Banking Act (銀行法).
Wilson Huang, 31, has refused to provide the passwords needed to unlock the key “crypto wallets” and the blockchain account ledgers, making it more difficult for investigators to check the crypto transactions, prosecutors said.
Prosecutors quoted Wilson Huang as having denied the fraud charges, saying that Steaker suffered losses due to the collapse of FTX Trading Ltd last month.
Wilson Huang last month said that Steaker had a risk exposure of US$10.66 million, as it had invested in FTX and used its crypto exchange platform, and had filed lawsuits against FTX to recover the losses to Steaker’s clients.
“Our company came under investigation and searches by prosecutors, and our founder and CEO Wilson Huang was questioned. As the case is under judicial investigation, we are unable to provide an opinion on the events,” Steaker said in a statement on Thursday.
“Our company will fully cooperate with the investigation to clarify the issues involved, and we are working to restore normal operations as soon as time permits,” it said.
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