Taiwan has sentenced the ringleader behind crypto exchange BitShine to 22 years in prison for defrauding over 1,500 victims of NT$1.27 billion ($39 million), local media reported.
According to a Thursday report by the semi-official Central News Agency, the Shilin District Court sentenced the defendant surnamed Shih to 22 years in prison for illegally providing virtual asset services and orchestrating fraud and money laundering.
Shih led a criminal group that operated under the guise of BitShine, which was once registered with the Financial Supervisory Commission (FSC), to conceal illicit activities, per the report.
Prosecutors said the group collaborated with fraud rings and gang affiliates tied to the Thento Union — one of Taiwan's three major organized crime groups — to funnel victims' cash into USDT purchases, and then transferred the funds overseas.
Between January 2024 and April 2025, prosecutors estimated that the gang laundered more than NT$2.3 billion ($71 million), with 1,539 identified victims losing over NT$1.27 billion ($39 million), per the report.
