A Taipei court sentenced the mastermind behind the BitShine cryptocurrency scheme to 22 years in prison, after prosecutors said the operation defrauded 1,539 victims of roughly NT$1.27 billion (about $39 million). The Shilin District Court also ordered the ringleader, identified only by his surname Shih, to forfeit NT$43.71 million in criminal proceeds.
How the scheme worked
Between January 2024 and April 2025, Shih and his associates allegedly lured investors with promises of high returns from a fake crypto-mining and trading platform. Instead of generating profits, the operation funneled money through a web of accounts. Authorities estimate that more than NT$2.3 billion was laundered during that period.
Assets seized
Investigators recovered about 647,000 USDT, roughly NT$60.49 million in cash, and luxury vehicles including a Ferrari and a Maserati. The total value of the seized assets came to around NT$110 million. The court's forfeiture order covers only a portion of that haul, leaving questions about how much more might be returned to victims.
What happens next
Shih has the right to appeal the sentence. Meanwhile, authorities continue to trace additional funds and assets linked to the scheme. Victims are waiting to see if further restitution will be possible beyond the NT$43.71 million already ordered forfeited.
