The Taipei District Prosecutors Office on March 13, 2026 formally indicted 10 individuals from the Bingjing crypto exchange group. CEO Zhang Hanlin (former chief strategy officer of Cobinhood) and COO Zhang Yuting (known as the "crypto goddess") each face a 12-year prison sentence. The de facto leader Liu Yusen faces 8 years. Lawyer Zheng Hongwei and other defendants were also charged. Prosecutors allege the exchange operated as a legal front, collaborating with fake investment apps "Yongshuo Investment" and "Hongjia" to process and transfer illicit funds. Total money laundered exceeded NT$150 million ($4.6 million), with 46 victims.
Multi-Layer USDT Transfers to Obscure Fund Trail
Investigators found that fraudsters first converted victim's money into USDT (Tether), then routed it through a multi-layer wallet system designed by the Bingjing group. Co-defendant You Shaoyu supplied TRX (TRON native token) for gas fees on each transaction. Between July and September 2023, his wallet received 55,240 TRX. Another accomplice Hu Chongxian controlled multiple USDT wallets to schedule intermediate transfers. In one branch, 19 transfers totaling 3,767,185 USDT occurred from June to September 2023. Each wallet layer created a new starting point for the fund flow, severely hampering tracing efforts.
Siblings with Crypto Pedigree and Lawyer's Legal Cover
Zhang Hanlin was a well-known figure in Taiwan's early crypto scene, having served as Cobinhood's chief strategy and marketing officer. His sister Zhang Yuting built an online persona as the "crypto goddess" and served as COO of Bingjing. The indictment of this once-prominent duo surprised many in the local crypto community. Lawyer Zheng Hongwei allegedly provided legal-consultancy camouflage for the laundering operation, receiving only NT$180,000 in fees. He pleaded ignorance on key questions during interrogation, which prosecutors interpreted as deliberate evasion and professional complicity in crime.