Founder of Steaker, accused of illegally raising hundreds of millions, is remanded in custody; P. LEAGUE+ announces termination of partnership.
The Liberty Times reported on the evening of 12/21 that the Taipei City Investigation Bureau has summoned Steaker's founder and CEO Huang Weixuan and 5 others for investigation into alleged violations of the Banking Act, fraud, among other charges, and will later transfer the case to the Taipei District Prosecutors Office for further questioning.
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The Liberty Times reported on the evening of 12/21 that the Taipei City Investigation Bureau has summoned Steaker founder and CEO Wilson Huang and 5 others for investigation into suspected violations of the Banking Act and fraud, and they will be transferred to the Taipei District Prosecutors Office for further questioning.
Following this, Steaker also released a statement:
"Regarding the search and investigation conducted on our company today (December 21, 2022), as well as the questioning of our founder and CEO Wilson Huang, as the case is now under judicial investigation, we are unable to make any comments on the matter. Our company will fully cooperate with the judicial investigation process in the hope of clarifying the situation as soon as possible and resuming normal operations."
"Following the impact and losses to Steaker's business caused by the FTX systemic risk event, founder Wilson Huang and the team have never given up, attempting to devise a solution to assist the company and affected users in obtaining compensation, and actively planning future strategies, hoping to quickly help the company and the affected users turn losses into profits with the new business initiatives."
According to a report by NOWnews Yahoo News, founder Wilson Huang was remanded in custody and denied bail after overnight questioning by prosecutors, while the other 4 individuals were each released on bail ranging from 250,000 to 500,000 NT dollars.
Furthermore, as reported by the Liberty Times Yahoo News, following Steaker's high-profile sponsorship agreement with the Taiwan P. LEAGUE+ basketball league in October this year, P. LEAGUE+ has also issued a statement announcing the termination of the partnership. The statement reads:
"Due to the bankruptcy petition filed by the world's second-largest cryptocurrency exchange FTX in November, the former alliance sponsor Steaker has also been greatly affected. After communication and coordination between PLG and Steaker, the alliance has terminated the sponsorship partnership with Steaker."