Taiwan’s largest crypto money laundering case: BiXiang Technology’s main suspect, Shi Qiren, granted bail of 20 million yuan; fraud of 1.275 billion yuan, and involved funds of more than 2.3 billion yuan

Taiwan's largest cryptocurrency money laundering scam case has new developments. The main suspect, Shi Qiren, who is suspected of acquiring the compliant virtual asset platform "BitShine" and colluding with a fraud group to launder over NT$2.3 billion, was detained for about nine months and was granted bail on June 14, 2026, by the Shilin District Court with a high bail of NT$20 million. The court also imposed strict escape prevention measures, including electronic monitoring, travel restrictions, and outbound travel bans.
(Background summary: Breaking news » BitShine Technology was delisted by the Financial Supervisory Commission! After financial inspection, its compliance qualification was revoked, possibly preventing continued operations)
(Additional background: The domestic exchange "BitShine Technology" involved fraud exceeding NT$19.2M, with three responsible persons detained)

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• High bail of NT$20 million! Electronic monitoring to prevent escape
• Covering up with compliance, 45 physical stores across Taiwan become money laundering fronts
• Seized assets worth over NT$1.27B

The main suspect in Taiwan’s major cryptocurrency fraud and money laundering case, who was facing a 25-year sentence, has officially regained his freedom. "BitShine Technology," which had legally passed the Money Laundering Prevention Declaration with the Financial Supervisory Commission, was acquired at the end of 2023 by Shi Qiren, who has ties to the Justice Association of the Tiandao League, for nearly USDT 1.92 million, and has since become a "black gold factory" used as a shell for fraud groups to go public. The case caused 1,539 victims, with fraud amounts totaling about NT$1.275 billion, and illegal money flows exceeding NT$2.3 billion. As the case entered court proceedings, the main suspect Shi Qiren, who had been detained for nine months, was yesterday granted bail with a high amount.

High bail of NT$20 million! Electronic monitoring to prevent escape

According to the latest ruling by the Shilin District Court on June 14, 2026, although Shi Qiren is suspected of serious crimes such as aggravated fraud and money laundering, and there are concerns about him having overseas vaults and fleeing, the court considered that the case concluded its final debate on April 30. Ultimately, he was approved to post bail of NT$20 million to await trial.

To prevent him from fleeing abroad, the court also issued strict "three restrictions": Shi Qiren must accept electronic monitoring for eight months, and is restricted from leaving the country and traveling abroad for eight months. Additionally, he must report to the Heshan Police Station in New Taipei City every evening and is explicitly prohibited from contacting, harassing, or intimidating co-defendants and witnesses. It is reported that Shi Qiren initially tried to apply for bail of NT$3 million citing "mental and physical deterioration, his wife’s unemployment, and the need to care for three young children," but the court significantly increased the bail amount, indicating that the judiciary remains highly vigilant about his potential flight risk.

Covering up with compliance, 45 physical stores across Taiwan become money laundering fronts

Reviewing this shocking cryptocurrency money laundering case in Taiwan, after acquiring BitShine Technology, Shi Qiren and others falsely claimed "exclusive authorization from the Financial Supervisory Commission," and expanded aggressively across Taiwan with 40 to 45 physical franchise stores, charging high franchise and security deposits. The fraud group used fake investment, fake dating, and fake recruitment online advertisements to lure victims, then instructed them to carry large sums of cash to physical stores to buy USDT.

During the scam process, store staff even "personally guided" victims on how to respond to KYC (Know Your Customer) checks, creating an illusion of compliant transactions. These illegal funds were then transferred through company accounts or deposit accounts into USD, converted into USDT, and transferred to overseas exchanges like CoinW wallets, then layered into anonymous wallets to create money flow breakpoints. The entire criminal network was highly detailed, involving marketing, fund flow manipulation, and other roles, with 14 people prosecuted by the authorities.

Seized assets worth over NT$100 million

During the crackdown in April 2025, police searched 48 locations across Taiwan, seizing over NT$60.49 million in cash, more than 640k USDT, Bitcoin, luxury cars, and other assets valued at NT$113 million, all of which have been requested for confiscation. Ironically, during the entire criminal process, Shi Qiren and others also experienced "black eating black," being scammed out of NT$3 million by another suspect claiming to have connections with the Financial Supervisory Commission.

This landmark case not only severely damaged public trust in physical cryptocurrency stores in Taiwan but also exposed regulatory loopholes where the early VASP (Virtual Asset Service Provider) anti-money laundering declaration system "became an accomplice to fraud groups." Although Shi Qiren continues to deny collusion with the fraud group, some co-defendants have confessed and revealed internal details. How the court will rule in the future, and whether the NT$20 million bail will lead to other variables, remains to be seen by the market and law enforcement agencies.