Taiwan’s Shilin District Court has issued a first-instance ruling in the Bitshine case, sentencing the main defendant, surnamed Shi, to 22 years in prison and ordering the confiscation of more than NT$43.71 million in criminal proceeds.
Bitshine was described in the report as Taiwan’s largest physical cryptocurrency trader. Prosecutors alleged that the company worked with fraud rings and used more than 40 physical outlets across Taiwan to collect cash from victims and create breaks in the money trail. The case involved at least 1,539 victims, losses of more than NT$1.275 billion, and total laundered funds exceeding NT$2.3 billion.
How prosecutors said the business operated
According to the indictment, Shi acquired Bitshine and obtained what prosecutors described as a Financial Supervisory Commission anti-money laundering registration “shell.” He and associates then set up more than 40 franchise outlets across 14 cities and counties to sell USDT. Franchise operators were required to pay franchise fees and security deposits of more than NT$1 million, while stores used cash deposit machines to collect money from customers. The head office then bought USDT offshore and distributed the tokens to the outlets for sale.
Fake investment scams and wallet transfers
Prosecutors said fraud groups first lured victims through fake investment schemes, then instructed them to bring cash to Bitshine stores to buy USDT. Victims were then told to transfer the crypto to designated wallets. The assets were later moved through multiple layers of wallets, which prosecutors said was intended to obscure the flow of criminal proceeds and complete the laundering chain.
Court findings and sentence
The court found that Shi continued to provide virtual asset services without completing the required anti-money laundering registration. He was also found guilty on charges including aggravated fraud and money laundering, with the combined sentence set at 22 years. The ruling can still be appealed.
The report said some of the charged conduct led to acquittals or dismissals because evidence was insufficient or the legal elements of the offenses were not met.
In its reasoning, the court said Shi, as the person in charge of the group, actively introduced fraud-ring resources in pursuit of high profits, causing harm to a large number of people. The court also noted that he admitted only part of the money laundering conduct, denied key allegations including aggravated fraud, and had not compensated any victims, which weighed against him at sentencing.
Assets confiscated during the investigation
In addition to the prison sentence, the court ordered the confiscation of more than NT$43.71 million in criminal proceeds. If all or part of that amount cannot be confiscated, an equivalent value will be recovered instead. Money laundering-related property and other seized items taken from Bitshine outlets were also ordered confiscated.
During the investigation, prosecutors and police searched 45 stores and related locations across Taiwan. Authorities seized more than 640,000 USDT, along with Bitcoin and TRX, with a reported value of about NT$20 million. They also seized about NT$60 million in cash, one Ferrari and one Maserati, and froze more than NT$10 million in company bank accounts. Total assets seized were reported at about NT$110 million.