A Taiwan court handed down a 22-year prison sentence to the leader of a crypto fraud ring that used the Cointhink Technology name to dupe over 1,500 people. The ringleader, surnamed Shih, was convicted for orchestrating a scheme that relied on fake credentials to extract USDT (Tether) from victims. Fourteen people were indicted in total, but Shih took the heaviest sentence.
The Cointhink playbook
Prosecutors said Cointhink Technology presented itself as a legitimate crypto investment firm. The operators used deceptive credentials — fake licenses, fabricated endorsements, and forged documents — to build trust. Victims were persuaded to transfer USDT into accounts controlled by the ring. The scam netted money from 1,539 people before it collapsed.
22 years and counting
Shih's sentence is among the longest handed down in Taiwan for a crypto-related fraud. The court didn't specify whether the 22 years accounts for time already served, but the term is effectively a life sentence for a middle-aged defendant. The other 13 indicted individuals face lesser charges, with hearings still ongoing.
What happens to the victims
Recovery of the stolen USDT remains unclear. Taiwan's courts have limited tools to seize crypto assets that have been moved through multiple wallets, and no restitution plan has been announced yet. Victims' lawyers are expected to push for a civil settlement in parallel with the criminal case.
Next step
The sentencing can be appealed. Shih's legal team hasn't commented publicly, but under Taiwan law, an appeal must be filed within 20 days of the verdict. The case is likely to drag on, but for now, the ringleader is behind bars.
