Taiwan court sentences Bishiang Technology principal to 22 years over NT$2.3 billion USDT laundering case

A Taiwanese court sentenced the principal behind the BitShine and BiXiang operation linked to Bixiang Technology to 22 years in prison in a first-instance ruling over a fraud and money laundering scheme that prosecutors said laundered more than NT$2.3 billion and defrauded 1,539 victims of more than NT$1.27 billion. The Shilin District Court found the defendant guilty of illegally providing virtual asset services, fraud and money laundering, in a case prosecutors have described as one of Taiwan’s largest crypto-related fraud prosecutions. Authorities said the group worked with fraud rings and gang affiliates, instructed victims to use cash to buy Tether, converted the proceeds into U.S. dollars and sent them overseas, then directed transfers to designated cold wallets while layering transactions to hinder tracing. Prosecutors also alleged intermediaries coached fraud-ring members through know-your-customer checks set up by BitShine compliance staff. The ruling can still be appealed, and proceedings against other indicted defendants remain ongoing. The case lands as Taiwan tightens oversight of digital-asset businesses under its new Virtual Asset Services Act.