Taiwan Sentences BitShine Crypto Exchange Ringleader to 22 Years for $39 Million Fraud

According to the Central News Agency, Taiwan's Shilin District Court sentenced the ringleader of crypto exchange BitShine to 22 years in prison on Thursday for defrauding 1,539 victims of NT$1.27 billion ($39 million). The defendant, surnamed Shih, was convicted of illegally providing virtual asset services, orchestrating fraud, and money laundering.

Between January 2024 and April 2025, prosecutors estimated the criminal group laundered over NT$2.3 billion ($71 million). The gang collaborated with fraud rings and affiliates tied to the Thento Union, one of Taiwan's three major organized crime groups, to funnel victims' cash into USDT purchases and transfer funds overseas.