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Guavy AI Editorial Team••Sentiment: -3•Clout: 78

Taiwan Sentences Crypto Ringleader to 22 Years Over $39M Fraud Scheme

BTCUSDTTRX

A Taiwanese court has sentenced BitShine ringleader Shi Qiren to 22 years in prison for masterminding a $39 million crypto fraud scheme. Prosecutors linked the case to 1,539 victims who lost approximately NT$1.27 billion (about $39 million) between January 2024 and April 2025.

The BitShine group operated through 45 physical storefronts across Taiwan, encouraging victims to buy crypto tokens using cash at these locations. The funds were then converted through USDT transfers and moved through offshore channels, allegedly laundering more than NT$2.3 billion (about $71 million).

The court ordered the forfeiture of NT$43.73 million in criminal proceeds, including cash, USDT, Bitcoin, TRX tokens, luxury vehicles, and over NT$100 million in bank deposits.