Taiwan's Largest Crypto Exchange Bito Tech CEO Sentenced to 22 Years for $92M Laundering Scheme

According to United Morning Post, on July 16, Taiwan's largest virtual currency exchange Bito Tech CEO Shi Qiren received a 22-year prison sentence for money laundering 2.3 billion New Taiwan dollars (approximately 92.13 million Singapore dollars) in collaboration with fraud rings. The court ordered confiscation of criminal proceeds exceeding 43.71 million New Taiwan dollars. Shi, who had connections to organized crime, was using Bito Tech as a shell company to illegally sell Tether (USDT) through 45 retail outlets across Taiwan. Between January 2024 and April 2025, the scheme defrauded 1,539 victims of 1.275 billion New Taiwan dollars.
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