Taiwan’s Shilin District Court has handed down a 22-year prison sentence to Shi Qiren, the ringleader behind the fraudulent crypto exchange BitShine, for orchestrating a scheme that defrauded over 1,500 victims of approximately NT$1.27 billion ($39 million). The conviction, which also includes an additional 16-month term for operating virtual asset services without proper anti-money laundering registration, follows a sprawling investigation into one of the island’s largest crypto fraud cases.
Prosecutors charged Shi on 485 counts of aggravated fraud, money laundering, and illegal provision of virtual asset services. The BitShine network, operating under Bixiang Technology, posed as a legitimate digital asset operator and even secured registration with Taiwan’s Financial Supervisory Commission (FSC). However, prosecutors revealed that the group collaborated with fraud rings and gang affiliates tied to the Thento Union—a major organized crime group—to funnel victims’ cash into USDT purchases via 45 physical storefronts across Taiwan. The stablecoin was then moved through offshore channels, with the total laundered amount exceeding NT$2.3 billion ($71 million).
To maintain its façade, Shi hired unwitting compliance officers to design know-your-customer procedures, but later coached fraud ring members on how to coach victims through KYC questions, ensuring seamless verification and crypto purchases. Between January 2024 and April 2025, 1,539 victims were identified, resulting in losses of over NT$1.27 billion. Authorities seized substantial assets, including NT$60.49 million in cash, 647,000 USDT, Bitcoin, TRX tokens, luxury vehicles, and bank deposits exceeding NT$100 million.
The sentencing comes as Taiwan tightens its grip on the crypto sector. Earlier this month, lawmakers passed a comprehensive regulatory framework requiring virtual asset service providers to obtain FSC approval, while imposing stricter rules on cybersecurity, client asset segregation, and internal controls. The verdict is expected to serve as a deterrent and a milestone in Taiwan’s evolving approach to crypto oversight.
