Kasus pencucian uang terbesar di Taiwan》Pelaku utama CoinX Technology, Shi Qi-ren, mendapatkan jaminan 20 juta yuan, menipu 1,275 miliar yuan, dan terlibat dalam aliran dana lebih dari 2,3 miliar yuan

Taiwan's largest cryptocurrency money laundering scam in history has seen the latest 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 2.3 billion New Taiwan Dollars, was detained for about nine months and was granted bail on June 14, 2026, by the Shilin District Court with a high bail of 20 million NTD. The court also imposed strict escape prevention measures such as electronic monitoring, travel restrictions, and outbound travel bans.
（Previous summary: Breaking news》BitShine Technology was delisted by the Financial Supervisory Commission! After regulatory review, its compliance qualification was revoked, possibly preventing continued operations）
（Background supplement: The domestic exchange "BitShine Technology" involved fraud exceeding 100 million, with three responsible persons detained）

Table of Contents

Toggle

• High bail of 20 million! Electronic monitoring to prevent escape
• Covering with compliance, 45 physical stores across Taiwan become laundering fronts
• Assets seized exceeding 100 million

The main suspect in Taiwan's major cryptocurrency fraud and money laundering case, who was previously facing a 25-year sentence, has officially regained his freedom. "BitShine Technology," which had legally passed the Money Laundering Prevention Declaration by 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 19.2 million USDT. It has since become a "black gold factory" used as a shell company for fraud groups to go public. The case caused 1,539 victims, with fraud amounts totaling about 1.275 billion NTD, and illegal money flows exceeding 2.3 billion NTD. As the case entered court proceedings, the main suspect Shi Qiren, detained for nine months, was yesterday granted bail with a high amount.

High bail of 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 debate on April 30, and ultimately approved his bail with a high guarantee of 20 million NTD 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 be restricted from leaving the country and traveling abroad for eight months. Additionally, he must report to the Shihsian Police Station in New Taipei City every evening on time, and is explicitly prohibited from contacting, harassing, or intimidating co-conspirators and witnesses. It is reported that Shi Qiren initially tried to apply for bail with 3 million NTD claiming "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 with compliance, 45 physical stores across Taiwan become laundering fronts

Reflecting on 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 aggressively expanded to 40 to 45 physical franchise stores nationwide, charging high franchise and security deposits from franchisees. 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 clerks even "personally guided" victims on how to respond to KYC (Know Your Customer) reviews, 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 cash flow breakpoints. The entire criminal network was highly detailed, involving marketing, fund flow manipulation, and other roles, with 14 people prosecuted by the authorities.

Assets seized exceeding 100 million

During the thunderous crackdown in April 2025, police and prosecutors searched 48 locations across Taiwan, seizing over 60.49 million NTD in cash, more than 640,000 USDT, Bitcoin, luxury cars, and other assets valued at up to 113 million NTD, 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 3 million NTD 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 20 million NTD bail will lead to other variables, remains to be seen by the market and law enforcement agencies.