Taiwan's Largest Cryptocurrency Exchange in China Implicated in Fraud, Main Suspect Sentenced to 22 Years in First Instance

BlockBeats News, July 17th, it was reported that Taiwan's largest cryptocurrency exchange, "BitX Tech," was accused of colluding with a fraud group to launder over 2.3 billion New Taiwan Dollars. On July 16th, the Shilin District Court in Taiwan issued a first-instance judgment, sentencing the main suspect, Shi Qiren, to 22 years in prison.

According to reports, "BitX Tech" is suspected of colluding with a fraud group to sell Tether (USDT) through 45 stores across Taiwan. They would guide victims to purchase USDT with cash, then exchange the funds into US dollars and transfer them overseas to conceal the money flow. From January 2024 to April 2025, the group laundered over 2.3 billion NT dollars, affecting 1,539 victims, with a total scam amount exceeding 1.27 billion NT dollars.

The case was concluded in August last year. The Shilin District Prosecutors' Office charged the main suspect Shi Qiren and 14 others with aggravated fraud, money laundering, and illegal provision of virtual asset services. Shi Qiren, due to his poor attitude after the crime, was sentenced to 25 years in prison.