Taiwan Charges 14 in $41 Million Crypto Fraud

Taiwanese prosecutors have concluded an investigation into a significant cryptocurrency fraud case, bringing charges against 14 individuals linked to the BitShine crypto exchange. They are accused of conniving with fraud groups to deceive over 1,500 victims out of NT$1.27 billion (approximately $41 million), according to local media reports. The group allegedly operated under the BitShine name, which passed inspections by the Financial Supervisory Commission, to mask the operations of an unlicensed firm, Biying Technology. Investigators identified the ringleader, a man with the surname Shih, as the head of Taiwan's operations. His wife held the position of Asia-Pacific director, while a man surnamed Yang was responsible for business operations. Reports indicate the group collaborated with fraud rings and other affiliates to divert victims’ funds into purchases of USDT, subsequently transferring the money overseas. Customers were instructed to send tokens to specific wallets, which were laundered through multiple layers to obscure the financial trail. Between January 2024 and April 2025, it is estimated that the group laundered more than NT$2.3 billion (around $75 million), with 1,539 identified victims suffering losses exceeding NT$1.27 billion. Prosecutors have requested a 25-year sentence for Shih, citing his denial of guilt and unsatisfactory behavior after the crime. Other defendants who confessed or committed to returning illegal profits may receive lighter sentences. The Block has contacted the prosecutors' office for additional details.