Taiwanese Court Sentences Ringleader of $39M Crypto Storefront Scam to 22 Years

A Taiwanese court has sentenced BitShine ringleader Shi Qiren to 22 years in prison for his role in a massive crypto storefront network scam that defrauded over 1,500 victims.

The operation, which ran from January 2024 to April 2025, used 45 physical storefronts across Taiwan and relied on USDT transfers to launder funds through offshore channels.

The scheme, linked to organized crime affiliates, generated illicit profits of around NT$1.27 billion ($39 million) and laundered more than NT$2.3 billion ($71 million), according to prosecutors.