TechFlow News, July 17, according to Lianhe Zaobao, Taiwan's largest virtual currency vendor BiXiang Technology colluded with fraud groups to launder 2.3 billion New Taiwan dollars (approximately 92.13 million Singapore dollars). The Shilin District Court issued a first-instance judgment on July 16. The mastermind with ties to the Tiandao Alliance gang and company head Shi Qiren was sentenced to 22 years in prison, and criminal proceeds exceeding 43.71 million New Taiwan dollars were confiscated.
It is reported that Shi Qiren is the head of the Taiwan region of the offshore virtual asset exchange CoinW (BiYing). As CoinW did not complete the anti-money laundering compliance registration with the Taiwan Financial Supervisory Commission, he acquired BiXiang Technology, which had passed compliance declaration, as a shell company for 19.2 million New Taiwan dollars in October 2023. Subsequently, he opened 45 physical stores across Taiwan to illegally sell Tether (USDT), and collaborated with fraud groups to deceive the public using methods such as fake investments, fake friendships, and fake job recruitment. Between January 2024 and April 2025, a total of 1,539 victims suffered losses, with the defrauded amount reaching 1.275 billion New Taiwan dollars, and the overall money laundering amount exceeding 2.3 billion New Taiwan dollars.
