Taiwanese police, while tracing the money flow of a fraud case, discovered a crypto money laundering network with a value of up to 320 million USDT, or 10.4 billion Yuan.
Taiwan busted the largest crypto money laundering ring in history, involving 320 million USDT
On October 31, 2023, the Taiwanese press reported that the Electronic Investigation Team under the Criminal Department of this country had successfully busted a fraud case related to mobile software company Taishin Securities. The case was handled by the police last year. When tracing the victim's stolen money, the police discovered a person named Qiu was trying to launder that money through cryptocurrency.
Taiwan police uncovered Taiwan's largest cryptocurrency money laundering case, involving 320 million USDT. Criminal suspects often travel to Hong Kong, the Philippines, Malaysia and other places to communicate with local fraud groups and assist in money laundering.…
— Wu Blockchain (@WuBlockchain) November 1, 2023
The suspect frequently travels to Malaysia, Hong Kong, the Philippines and other Southeast Asian countries. Taking advantage of Qiu's return to Taiwan, local police arrested this person and four other related people. After checking Qiu's mobile phone, they discovered that this person had processed more than 320 million USDT transactions since February last year. The conversion value is equivalent to more than 10.4 billion yuan.
Police arrested the suspect. Source: local newspaper
After taking money from the unfortunate victim, the scammers used many different accounts to exchange it for cryptocurrency. Then, send this crypto to Qiu to receive cash back. And Qiu traded this crypto many times to get "clean money". Qiu charges a "service fee" of 1% of the transaction value. Through many such transfers, the source of money is hidden and "dirty money" turns into "clean money".
Qiu is known to have a "luxurious" lifestyle, frequently traveling abroad and is suspected of being used for money laundering and illegal gambling purposes. When arrested, the police also confiscated many valuable assets of this person such as 3 AP watches worth more than 3 million yuan, and two Lamborghini and Lexus cars in Qiu's name with a market value of more than 13 million yuan. There is also cash, laptops, debit cards, banned substances,...
Qiu's assets were confiscated by the police. Source: local newspaper
Qiu's assets were confiscated by the police. Source: local newspaper
Currently, Qiu has paid bail and is allowed to be released on bail, and is restricted from leaving his place of residence. Taiwanese authorities are expanding the investigation to further trace the origin of these money flows.
Coin68 compiled
Join the discussion on the hottest issues of the DeFi market in the chat group Fomo Sapiens Let's join Coin68 admins!!
