Taiwan Jails BitShine Ringleader For 22 Years Over $39 Million Crypto Fraud

According to The Block, a Taiwanese court sentenced the ringleader of cryptocurrency exchange BitShine to 22 years in prison on July 17 for defrauding over 1,500 victims of NT$1.27 billion (approximately $39 million).

The now-defunct platform operated as an unlicensed virtual asset service provider and collaborated with fraud syndicates to launder stolen funds. Victims were lured through fake investment schemes and instructed to deposit money into designated accounts, which were then converted into Tether (USDT) and transferred to overseas wallets controlled by the criminal network. The Shilin District Court ruled this represents one of Taiwan's toughest sentences in a crypto-related fraud case.