BiXiang Technology Mastermind Sentenced to 22 Years in Crypto Money-Laundering Case

Delio operated a South Korean crypto deposit and lending service that promised high yields on digital assets including Bitcoin and Ether. The platform abruptly suspended withdrawals on June 14, 2023, leaving about 2,800 customers unable to recover funds. Its collapse became a prominent test of accountability in the country’s centralized crypto-finance sector, where customers entrust assets to an operator rather than retaining control through private wallets.

The Seoul Southern District Court sentenced Delio Chief Executive Jeong Sang-ho to 15 years in prison on Aug. 13, 2026, after finding him responsible for taking customer Bitcoin and Ether valued at about $50 million. Prosecutors had sought a 20-year term in a broader case involving roughly 250 billion won in digital assets. The first-instance judgment ranks among South Korea’s toughest penalties for a major crypto-platform fraud and remains subject to appeal.

BitShine is accused of working with fraud rings to steer victims into buying Tether (USDT), then laundering the proceeds through repeated transfers across layers of accounts. About 1,500 people were defrauded of NT$1.275 billion, while financial flows linked to the case exceeded NT$2.3 billion, highlighting the regulatory risks posed by the misuse of virtual-asset trading.

The Shilin District Prosecutors Office indicted 14 people, including lead suspect Shih, after an investigation and sought a 25-year prison sentence for him. The Shilin District Court recently granted Shih bail of NT$20 million, restricted his residence, barred him from leaving Taiwan or traveling by sea, and placed him under electronic monitoring. Available information did not specify the date of the bail ruling.

Maximilien de Hoop Cartier, a French resident and descendant of the Cartier jewelry family, operated an unregistered over-the-counter cryptocurrency exchange from at least 2018. He used more than a dozen U.S. bank accounts, along with fraudulent contracts and invoices, to conceal the source of funds. He converted proceeds from drug trafficking and other crimes into fiat currency and transferred the money to Colombia, underscoring the United States’ ability to prosecute cross-border money-laundering networks.

The U.S. Attorney’s Office for the Southern District of New York said Cartier pleaded guilty on October 23, 2025, to operating an unlicensed money-transmitting business and conspiring to commit bank fraud. Judge Mary Kay Vyskocil sentenced him to eight years in prison on April 28, 2026. The scheme laundered more than $470 million, and Cartier must also forfeit $2,362,160.62 in commissions and funds held in related shell-company accounts.

Siblings Chang Han-lin and Chang Yu-ting were involved in operating cryptocurrency exchange BITGIN, which began operating as a local virtual-asset platform in 2021 and had submitted an anti-money-laundering compliance declaration to Taiwan's Financial Supervisory Commission. Prosecutors allege that fraud rings used the platform in 2023 to move illicit proceeds through USDT and overseas exchanges, highlighting the regulatory risk that legitimate platforms can be exploited as money-laundering channels.

The Taipei District Prosecutors Office indicted 10 people on March 13, 2026, on charges including aggravated fraud, money laundering and organized crime. Prosecutors allege that more than NT$150 million was laundered over three months, affecting 46 victims. They are seeking 12-year prison terms for Chief Operating Officer Chang Yu-ting and Chief Executive Officer Chang Han-lin. Lawyer Cheng Hung-wei was also indicted, and prosecutors are tracing the flow of NT$180,000 linked to the case.