The Shilin District Court in Taiwan sentenced the main person responsible for the cryptocurrency exchange BitShine to 22 years in prison after finding him guilty of fraud, money laundering, and the illegal offering of services related to digital assets. The case involved losses exceeding NT$ 1,27 bilhão, about US$ 39 milhões, affecting more than 1.500 victims.
The convicted individual, identified only by the surname Shih, was identified by the authorities as the leader of a group that used BitShine to give an appearance of legality to a criminal scheme. The company was even registered with the Financial Supervisory Commission (FSC), which helped convey credibility to investors while illicit operations were being carried out.
According to the investigation, the organization maintained ties with criminal groups and members of the Thento Union, one of the main organized crime organizations in Taiwan. The money obtained from the victims was converted into USDT before being sent to accounts abroad, making it difficult to trace the funds.
Prosecutors estimate that, between janeiro de 2024 and abril de 2025, the group moved more than NT$ 2,3 bilhões, equivalent to approximately US$ 71 milhões, in money laundering operations. In the same period, 1.539 victims suffered losses exceeding NT$ 1,27 bilhão.
Another point highlighted by the authorities was the attempt to create a false regulatory compliance structure. According to the investigations, Shih hired professionals specialized in compliance without them knowing about the scheme, using their work to develop "know your customer" (KYC) procedures intended for the exchange.
In practice, however, these mechanisms were bypassed. The investigation concluded that intermediaries instructed members of the organization on how to respond to identity checks, allowing the KYC process to be completed normally and facilitating the victims’ purchase of cryptocurrencies.
The case had already led to the indictment of 14 suspects in agosto de 2025. At the time, prosecutors requested a sentence of 25 years in prison for Shih, who ultimately received a 22-year sentence.