Taiwan’s prosecutors announced today the conclusion of an investigation into a major cryptocurrency fraud case, resulting in charges against 14 individuals associated with the BitShine crypto exchange for allegedly conspiring with fraud groups to deceive over 1,500 victims out of NT$1.27 billion ($41 million), local media reported.
The semi-official Central News Agency reported that the group operated under the guise of BitShine, which had passed Financial Supervisory Commission checks, to conceal the activities of another unlicensed firm, Biying Technology.
Investigators said the ringleader, identified as a man surnamed Shih, served as the head of Taiwan operations. His wife was named Asia-Pacific director, while another man surnamed Yang oversaw business operations.
Prosecutors said the group partnered with fraud rings and gang affiliates to funnel victims’ cash into USDT purchases, then transferred the funds overseas, according to local newspaper United Daily News. Customers were instructed to move tokens into designated wallets, which were routed through multiple layers to obscure the money trail.
Between January 2024 and April 2025, prosecutors estimated that the group laundered more than NT$2.3 billion ($75 million), with 1,539 identified victims losing over NT$1.27 billion, according to local media reports.
Prosecutors requested a 25-year sentence for Shih, citing his denial of wrongdoing and poor post-crime attitude. Other defendants who confessed or pledged to return illicit gains may face lighter penalties.
The Block has reached out to the prosecutors’ office for further information.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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