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ToggleThe main suspect in a major cryptocurrency fraud and money laundering case in Taiwan, who was facing a 25-year prison sentence, has officially regained his freedom. BitShine, a company that had legally obtained anti-money laundering approval from the Financial Supervisory Commission, was acquired in late 2023 by Shih Chi-jen, who has ties to the Tiandao Alliance Justice Society, for nearly NT$19.2 million (equivalent to USDT). It then became a "black money factory" for fraud syndicates seeking to list on the stock exchange. The case resulted in 1,539 victims, with fraud amounting to approximately NT$1.275 billion and illegal money laundering exceeding NT$2.3 billion. With the case now in the court trial stage, Shih Chi-jen, the main suspect who had been detained for nine months, was released on a large bail yesterday.
A staggering 20 million yuan security measure! Electronic surveillance deployed to prevent escape.
According to the latest ruling by the Shilin District Court on June 14, 2026, although Shih Chi-jen is suspected of serious crimes such as aggravated fraud and money laundering, and is suspected of having an overseas treasury and being at risk of fleeing, the court ultimately granted him bail of NT$20 million, considering that the case had been concluded on April 30.
To prevent him from fleeing the country, the court imposed strict "three restrictions": Shih Chi-jen must undergo eight months of electronic surveillance and is restricted from leaving the country and going to sea for eight months. Furthermore, he must report to the Haishan Police Station in New Taipei City every evening and is explicitly prohibited from contacting, harassing, or intimidating accomplices and witnesses in the same case. It is understood that Shih Chi-jen initially attempted to apply for bail of NT$3 million, citing "deteriorating physical and mental health, 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 regarding the risk of his flight.
Under the guise of compliance, 45 physical stores across Taiwan have become money laundering sites.
Looking back at this shocking cryptocurrency money laundering case that gripped Taiwan, Shih Chi-jen and others, after acquiring CoinThink Technology, used the false claim of being the "only authorized store by the Financial Supervisory Commission" to aggressively expand their network with 40 to 45 physical franchise stores across Taiwan, charging franchisees exorbitant franchise fees and security deposits. The fraud ring lured victims with fake investment, dating, and job postings online, then instructed them to bring large sums of cash to the physical stores to purchase USDT.
In the scam, store clerks would even personally instruct victims on how to answer KYC (Know Your Customer) checks, creating the illusion of compliant transactions. These illicit funds were then converted into US dollars through company accounts or ATMs, purchased as USDT, and transferred to wallets on the overseas exchange CoinW. From there, the funds were further transferred to anonymous wallets to create gaps in the money flow. The entire criminal network was extremely meticulously organized, with 14 people, including those involved in marketing and money flow manipulation, being indicted by prosecutors.
Assets seized exceeding 100 million yuan
In a swift raid in April 2025, police and prosecutors searched 48 locations across Taiwan, seizing over NT$60.49 million in cash, more than 640,000 USDT, and assets including Bitcoin and luxury cars, with a total value of NT$113 million. All of these assets have been petitioned for confiscation. Ironically, during the entire criminal operation, Shih Chi-jen and his accomplices were also double-crossed, being defrauded of NT$3 million by another suspect who claimed to have connections within the Financial Supervisory Commission.
This landmark case has not only severely damaged public trust in physical cryptocurrency stores in Taiwan, but also highlighted the regulatory loopholes in the Financial Supervisory Commission's early VASP (Visa Application Protection Statement) system, which "became an accomplice to fraud." Although Shih Chi-jen continues to vehemently deny collusion with the fraud ring, some of the co-defendants have confessed to their crimes and revealed details. How the court will rule in the future, and whether there will be any unforeseen changes in this NT$20 million bail settlement, remains to be seen and will be closely monitored by the market and law enforcement.
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