Taiwan, China’s largest virtual currency exchange faces fraud allegations; main suspect sentenced to 22 years in first-instance trial.

Taiwan, China's largest virtual currency firm Bixiang Technology was accused of colluding with fraud groups to launder over NT$2.3 billion. The Shilin District Court of Taiwan, China, handed down a first-instance ruling on the 16th, sentencing mastermind Shi Qiren to 22 years in prison. According to reports, Bixiang Technology is suspected of conspiring with fraud groups to sell Tether (USDT) via 45 stores across Taiwan. The firm guided victims to buy USDT with cash, then converted the funds to U.S. dollars and transferred them overseas to obscure the capital flow. Between January 2024 and April 2025, the group laundered more than NT$2.3 billion, with 1,539 victims and total fraud losses exceeding NT$1.27 billion. The case was concluded in August last year. The Shilin District Prosecutors Office indicted Shi Qiren and 14 others on charges including aggravated fraud, money laundering, and illegal provision of virtual asset services. Shi Qiren faced a requested 25-year sentence due to his poor attitude after committing the offenses.