Bixin Technology Head Shih Chi-Jen Sentenced to 22 Years in First Instance

The head of Bixin Technology, Shih Chi-Jen, was sentenced to 22 years in prison by the Shilin District Court in Taiwan for colluding with a fraud group. He sold USDT through 45 stores, assisting in money laundering exceeding NT$2.3 billion, which resulted in 1,539 victims suffering losses of approximately NT$1.275 billion. The court found that Shih operated virtual asset services without completing anti-money laundering registration, involving 485 charges including aggravated fraud and money laundering, and confiscated criminal proceeds of about NT$43.72 million.

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