Table of Contents
Key Takeaways
- 14 suspects charged in Taiwan over BitShine crypto scam.
- Fraud network allegedly stole $41M from over 1,500 victims.
- Prosecutors seek 25-year sentence for alleged ringleader.
Taiwan Prosecutors Charge 14 in $41M BitShine Crypto Scam
The prosecutors in Taiwan have charged 14 people for a massive crypto fraud scheme that is related to the BitShine exchange. The scam is said to have caused more than 1,500 victims to lose NT$1.27 billion ($41 million) in total. The charges resulted6 from a thorough inquiry into one of the biggest crypto-related deceit cases in the history of Taiwan.
Based on what the Central News Agency is reporting, the gang exploited BitShine, a platform that had been certified by the Financial Supervisory Commission, to carry on their operations that were not licensed through another firm called Biying Technology. With this kind of a setup the lawbreakers had the opportunity to conceal their illegal deeds and at the same time lure unsuspecting investors with seeming legitimacy.
How the BitShine Fraud Operated
After going through the evidence, the investigators found out that the leader of the gang was a man by the name of Shih, who allegedly guided0 all the activities in Taiwan. His wife was the Asia-Pacific director, while an associate named Yang was supervising business matters. Prosecutors said the criminal group collaborated with partners from the underworld, taking the money of their victims to buy USDT and then sending the funds abroad.
Defrauded people were told to put tokens into certain wallets they had been assigned to, which were then passed through various layers to hide the trail. It is said that the group during January 2024 and April 2025 laundered over NT$2.3 billion ($75 million), of which the losses of more than 1,500 investors were $41 million.’
Legal Action and Sentencing
Prosecutors have asked for a quarter-century prison term for Shih, using as a basis his non-admission of guilt and an absence of remorse. Those co-defendants who have disclosed their involvement or vowed to hand back illegally acquired assets could get a milder sentence. The officials highlighted how massive the scam was, describing it as a clear message to the investors and the watchdogs, considering that there are more and more crypto-related offenses in the area.
Summary
The BitShine scandal highlights the growing risks of unlicensed crypto firms exploiting regulatory gaps. With 14 suspects charged and over $41 million lost, Taiwan’s crackdown signals tougher enforcement against fraudulent exchanges and organized financial crime.
Also Read: Bitcoin ETFs See $312M Outflows, Ethereum ETFs Face $240M
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