A Taiwanese court has sentenced Shi Qiren to 22 years in prison for leading the BitShine fraud scheme, affecting over 1,500 victims. The Shilin District Court found him guilty on 485 counts of aggravated fraud and money laundering.
Shi's operation, active between January 2024 and April 2025, ran under the names BitShine and BiXiang, operating 45 storefronts across Taiwan. Victims were misled into purchasing crypto tokens with cash, while the operation obscured transactions using USDT transfers, facilitating the laundering of NT$2.3 billion, or approximately $75 million.
Prosecutors initially sought a 25-year sentence, indicating that Shi’s 22-year term may be considered lenient. In addition to his prison sentence, he received an extra 16 months for failing to register his virtual asset services with anti-money laundering authorities.
Assets and Regulatory Actions
The court has ordered the forfeiture of NT$43.73 million in crime proceeds, along with previous seizures of NT$60.49 million in cash, 647,000 USDT, and various cryptocurrencies, including Bitcoin and TRX tokens. Luxury vehicles and over NT$100 million in bank deposits were also seized.
Initially, Bixiang Technology passed regulatory checks by the Financial Supervisory Commission, but later misused its licensed status to conduct unauthorized operations. The scheme not only misled customers but also funneled profits offshore using USDT and cold wallets. The operation, characterized by its scale and blatant disregard for regulations, shows the challenges Taiwan faces in regulating the rapidly evolving crypto market.
This material is for informational purposes only and does not constitute financial advice.
