Prosecutors allege the group conspired with criminal networks to siphon NT$1.27 billion (approximately $41 million) from more than 1,500 victims through a scheme that combined fraudulent investment pitches with unlicensed cryptocurrency operations.
Investigators allege that the two entities worked in tandem to funnel customer deposits into crypto purchases, particularly USDT, before moving the funds overseas through a series of complex transfers designed to obscure their origins.
Prosecutors identified a man surnamed Shih as the head of the operation in Taiwan, with his wife serving as Asia-Pacific director and another suspect, surnamed Yang, responsible for business management.
Between January 2024 and April 2025, investigators estimate the operation laundered more than NT$2.3 billion ($75 million). Of that, NT$1.27 billion was directly tied to 1,539 identified victims.
Law enforcement seized NT$60.49 million in cash, 640,000 USDT, additional digital assets, and luxury items including cars during raids earlier this year.
They also reportedly established more than 40 franchise-style storefronts across Taiwan under the names CoinW and BiXiang Technology Co., Ltd., collecting over one million yuan in fees and deploying “deposit machines” to process victims’ cash.
Prosecutors are seeking a 25-year sentence for Shih, citing his refusal to plead guilty and lack of remorse. Other defendants who confessed or pledged to return illicit gains may face reduced penalties.
In addition to confiscating the seized digital assets and cash, prosecutors have asked the court to order the forfeiture of NT$1.275 billion in criminal proceeds.
The investigation also uncovered a separate fraud targeting the BitShine operators themselves. Prosecutors said a man surnamed Gu defrauded Shih and his associates of NT$3 million by falsely promising he could secure anti-money laundering registration approvals. Gu has also been indicted.
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