BitShine ringleader sentenced to 22 years in Taiwan

Taiwan sentenced BitShine’s ringleader to 22 years for defrauding 1,500+ victims of $39M and laundering over $71M via USDT, using 45 storefronts and links to organized crime.

A Taiwanese court has sentenced Shih Qiren, the ringleader behind the BitShine crypto exchange, to 22 years in prison for orchestrating a large-scale fraud and money laundering operation. The scheme, run under the names BitShine and BiXiang by Bixiang Technology, defrauded over 1,500 victims of approximately NT$1.27 billion (about $39 million) between January 2024 and April 2025. The group operated 45 physical storefronts across Taiwan, recruiting individuals to purchase crypto tokens with cash. They laundered the proceeds through USDT transfers, making the funds difficult to trace. The total amount laundered exceeded NT$2.3 billion (about $71–75 million). BitShine was registered with the Financial Supervisory Commission, giving it an appearance of legitimacy, and maintained ties to organized crime. Authorities seized cash, cryptocurrencies, and luxury assets. Shih received an additional 16 months for operating virtual asset services without proper anti-money laundering registration, and the court ordered the forfeiture of related assets.