Overview
- The Shilin District Court convicted Shi Qiren on hundreds of counts and sentenced him to 22 years in prison in a verdict handed down on July 17, 2026.
- Prosecutors said Shi ran BitShine/Bixiang through 45 physical storefronts that converted victims’ cash into USDT and moved funds overseas to hide the trail.
- Investigators identified about 1,539 victims who lost more than NT$1.27 billion and estimated the network laundered over NT$2.3 billion through the scheme.
- The court ordered forfeiture and confirmed prior seizures that included NT$60.49 million in cash, 647,000 USDT, other crypto, luxury vehicles and bank deposits.
- The case highlights gaps in oversight that were abused by a firm once registered with the FSC and arrives as Taiwan replaces AML registration with a stricter licensing regime that tightens custody, stablecoin rules and criminal penalties.