Over 25,000 Seized Tether to Be Auctioned for the First Time by New Taipei Branch on June 1

(CNA, New Taipei, May 21) New Taipei prosecutors and police recently seized over 25,000 Tether (USDT) coins, with a market value of nearly NT$800,000, as criminal proceeds from a fraud case. The New Taipei Branch of the Agency of Corrections, entrusted by the New Taipei District Prosecutors Office, will auction this virtual currency for the first time on June 1, and the public is welcome to bid. The New Taipei Branch of the Ministry of Justice's Agency of Corrections issued a press release today stating that during the investigation of a fraud and money laundering case, the Criminal Investigation Corps of the New Taipei City Police Department applied to the court to seize the criminal proceeds of a defendant surnamed Chung. This included 25,383 Tether coins stored in 10 cold wallets, with each coin valued at approximately NT$31.5, totaling nearly NT$800,000. The prosecutor determined that the seized Tether was at risk of loss or depreciation in value during the seizure process. In accordance with the Code of Criminal Procedure, the prosecutor ordered the auction of the assets and the subsequent holding of the proceeds, entrusting the New Taipei Branch to carry out the execution. Upon receiving the case, the New Taipei Branch scheduled the auction for the aforementioned Tether on the 12th floor at 10 a.m. on June 1. The auction will have an undisclosed reserve price, and the item will be sold to the highest bidder who meets or exceeds this price. The New Taipei Branch reminds the successful bidder that payment must be made in cash or via bank transfer from their own account to the Branch's dedicated account by 2 p.m. on the same day. For amounts of NT$500,000 or more, payment is restricted to bank transfer. The bidder must provide a receiving virtual currency wallet address and QR Code (on the Tron blockchain), and personnel from the prosecution and police will be on-site to oversee the transfer. Any transaction fees will be borne by the bidder. (Editor: Lin Shu-hui)