Taiwan charges 14 suspects over $41 million cryptocurrency fraud

• BitShine Involved in $41 Million Fraud
• Over 1.500 victims scammed with cryptocurrencies in Taiwan
• Prosecutors seek up to 25 years in prison for leader

Taiwanese prosecutors have concluded an investigation that uncovered a massive cryptocurrency fraud scheme, resulting in the indictment of 14 individuals linked to the BitShine exchange. The group is accused of defrauding more than 1.500 victims and causing losses exceeding NT$1,27 billion, equivalent to approximately US$41 million.

According to Central News Agency , the defendants used BitShine, a company that had passed the Financial Supervisory Commission's checks, as a front to hide illegal activities conducted by Biying Technology, which did not have a license to operate.

Investigations indicate that the scheme's leader, identified only by his surname Shih, ran operations in the country. His wife was appointed director of the Asia-Pacific region, while another suspect, surnamed Yang, coordinated commercial activities. Together, they established a network that partnered with fraud groups and criminal organizations to move the funds obtained.

According to prosecutors, victims were instructed to transfer their tokens to specific wallets. These assets were then diverted through multiple layers of transactions, making it difficult to track the funds. The funds were then converted into USDT and sent abroad, expanding the scope of the operation.

Between January 2024 and April 2025, prosecutors estimate the group laundered more than NT$2,3 billion, or about US$75 million, with 1.539 victims identified in the case.

Taiwanese authorities have requested a 25-year prison sentence for Shih, citing his refusal to admit to the crimes and his "bad attitude" after the investigation. Other defendants who have confessed to their involvement or agreed to return the illicit funds may receive more lenient sentences.

This case reinforces the growing attention of regulators in Taiwan to financial crimes involving cryptocurrencies, highlighting the risks that fraudulent transactions pose to investors and market integrity.