The Shilin District Court in Taiwan has sentenced Shi Qiren, the leader of BitShine, to 22 years imprisonment following the prosecution's case linking him to over 1,500 victims of a large-scale cryptocurrency fraud. The scam cost victims an estimated NT$1.27 billion, about $39 million.
Conviction Details and Operations
Shi Qiren was convicted on 485 counts that included aggravated fraud, money laundering, and operating virtual asset services without proper registration. Prosecution initially sought a 25-year term, but the court settled on 22 years, which includes an additional 16 months for the latter crime. The fraudulent acts were conducted under the guise of legitimate operations by BitShine and its affiliate BiXiang, within a network that utilized 45 storefronts across Taiwan.
Between January 2024 and April 2025, the operatives pushed victims to purchase cryptocurrency using cash in physical locations, converting these funds through USDT transfers and moving them offshore to launder the money. Authorities identified that more than NT$2.3 billion was laundered, generating illicit profits approximating NT$1.27 billion.
Seizures and Regulatory Developments
As part of the crackdown, the court has ordered the forfeiture of NT$43.73 million associated with criminal activities. Earlier seizures included NT$60.49 million in cash, 647,000 USDT, Bitcoin, TRX tokens, luxury vehicles, and excess of NT$100 million in bank deposits. The asset recovery initiative forms part of a larger investigation into Bixiang Technology and associated entities, with an indictment of 14 individuals filed in August 2025.
Recent actions against BitShine occur as Taiwan fortifies regulatory measures for digital asset firms, which were increasingly scrutinized. Earlier this month, Taiwan’s lawmakers advanced a new framework aimed at better regulating the crypto market.
This article is for informational purposes only and should not be taken as financial advice.
