Ko Wen-je was sentenced to 17 years in his first trial, and the indictment document refuted the rumor about a Bitcoin “cold wallet.”

On March 26, the Taipei District Court issued a first-instance verdict regarding the Jinghua City corruption case and the political donation case, finding former chairman of the Taiwan People’s Party, Ko Wen-je, guilty of four crimes, resulting in a combined sentence of 17 years in prison and a 6-year deprivation of civil rights. The case is subject to appeal. Additionally, the widely circulated claims during the investigation about “1,500 bitcoins” and “USB cold wallets” were never mentioned in the official indictment from the Taipei District Prosecutor’s Office.

First-instance Verdict Results: Overview of Sentences for Ko Wen-je and Other Defendants

Ko Wen-je was found guilty of graft and bribery in the Jinghua City case, and of public interest embezzlement and breach of trust in the political donation and public welfare foundation case. The Taipei District Court sentenced him to a combined 17 years, which is less than the prosecution’s original request of 28 years and 6 months. The current chairman of the People’s Party, Huang Kuo-chang, stated in a press release that he was “incredulous and still unable to calm down” upon hearing the verdict, and indicated that he could not provide a complete explanation until he had read the full reasoning of the verdict.

Main Co-defendants’ First-instance Verdict Results

Chairman of Weijing Group, Shen Qing-jing: 10 years of imprisonment

Taipei City Councilor, Ying Hsiao-wei: 15 years and 6 months of imprisonment

Former Vice Mayor, Peng Zhen-sheng: 2 years of imprisonment, 3 years probation

Former Director of the Urban Development Bureau, Huang Jing-mao: 6 years and 6 months of imprisonment

Former Finance Officer, Li Wen-zong: 4 years and 6 months of imprisonment

Person in charge of Muke Company, Li Wen-juan: 2 years and 4 months of imprisonment

Accountant, Duan Mu-zheng: 1 year of imprisonment

Indictment Disproves Rumors: Little Shen 1,500 is Cash, Not Related to Bitcoin

During the investigation of the Ko Wen-je case, certain political commentary programs and media frequently spread specific cryptocurrency claims. These claims included: that Ko Wen-je’s USB drive might be a “cold wallet,” that “Little Shen 1500” in the Excel file represented 1,500 bitcoins, and that the PowerPoint presentation software pertained to “virtual currencies,” which sparked widespread discussion.

However, according to the official indictment released by the Taipei District Prosecutor’s Office at the end of 2024, the terms bitcoin, virtual currency, or cold wallet never appeared in the text. The indictment clearly states that the “1500” record in the Excel file on Ko Wen-je’s mobile hard drive was recognized by the prosecution as a record of receiving 15 million New Taiwan Dollars in cash bribes from Shen Qing-jing, completely unrelated to cryptocurrency.

Notably, in this first-instance verdict, the court only recognized that Ko Wen-je received 2.1 million New Taiwan Dollars, while the “Little Shen 1500” part was acquitted due to insufficient evidence. Although the court confirmed that “Little Shen” indeed refers to Shen Qing-jing, and that the workbook was created by Ko Wen-je himself, it determined that the existing evidence was insufficient to confirm the actual receipt of the 15 million New Taiwan Dollars bribe by both parties.

The bitcoin rumors surrounding the Ko Wen-je case once again highlight the mainstream media’s tendency to confuse concepts and lack fact-checking when reporting on issues related to crypto assets. The publication of judicial documents provides clear answers to the cryptocurrency rumors that have persisted for nearly two years.

Frequently Asked Questions

What exactly is “Little Shen 1500” in the Ko Wen-je case?

According to the indictment from the Taipei District Prosecutor’s Office, “Little Shen 1500” refers to Shen Qing-jing, chairman of the Weijing Group, and “1500” was identified by the prosecution as a record of a cash bribe of 15 million New Taiwan Dollars, having no connection to bitcoin or any cryptocurrency. The first-instance court ultimately acquitted Ko Wen-je on this part due to insufficient evidence.

What is a cold wallet, and why did the Ko Wen-je case trigger related rumors?

A cold wallet is a type of hardware device used to store the private keys of cryptocurrency offline, commonly in forms such as USB flash drives. Due to the appearance of a storage medium in USB form in the Ko Wen-je case, some media hastily equated it with a cold wallet without verification, but the official indictment never confirmed this claim.