Taiwan's Shilin District Court sentenced Bixiang Technology head Shi Qiren to 22 years in prison after finding him guilty in a first-instance ruling involving fraud and money laundering charges. According to Foresight News, prosecutors said the company was accused of working with a fraud ring, selling USDT through 45 stores, and helping launder more than NT$2.3 billion.
The case involved 1,539 victims who reportedly suffered losses of about NT$1.275 billion. The court said Shi operated virtual asset services without completing anti-money-laundering registration and was involved in 485 charges, including aggravated fraud and money laundering. It also ordered the confiscation of about NT$43.72 million in illegal proceeds.
Taiwan Court Sentences Bixiang Technology Head to 22 Years in Fraud and Money Laundering Case
2026-07-17 02:03:50
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