Mastermind of $39M Taiwanese crypto exchange fraud gets 22 years

A Taiwanese court has sentenced the mastermind behind the fraudulent cryptocurrency exchange BitShine to 22 years in prison, local media reported. The scheme defrauded more than 1,500 victims of 1.27 billion New Taiwan Dollars (TWD), or approximately $39 million. According to prosecutors, the fraudsters colluded with a professional criminal organization. They allegedly converted the stolen funds into cryptocurrencies like Tether (USDT) and then transferred and laundered the money overseas.