Markets News Report
November 01, 2023

Taiwan Police Bust 320 Million USDT Crypto Money Laundering Scandal

In Brief

Taiwan police exposed a 320 million USDT laundering case, with suspects liaising with international fraud groups.

Taiwan Police Uncover Record-Breaking Crypto Money Laundering Scheme

In a groundbreaking operation, Taiwan police recently disclosed the largest cryptocurrency money laundering case in the nation, amounting to 320 million USDT (approx. 10.4 billion yuan).

The criminal mastermind behind this operation, a merchant surnamed Qiu, maintained connections with overseas gambling and fraud groups and would often traverse borders, communicating with illicit organizations in countries such as Hong Kong, Malaysia and the Philippines.

From Mobile Software Fraud to Money Laundering

The Electronic Investigation Team of the Criminal Bureau was first drawn to this case following a fraudulent operation involving a fake Taishin Securities mobile software last year. Their trail led them to Qiu, who had been laundering vast sums through virtual currency.

Investigations found that since February of the previous year, Qiu had managed transactions of a staggering 320 million Tether coins.

In June, law enforcement arrested Qiu during one of his visits to the country, along with four accomplices. Authorities confiscated high-value assets from Qiu, which included a Lamborghini URUS, a Lexus LM, and three AP watches, with a combined market value exceeding 13 million yuan.

Additionally, evidence from the operation revealed Qiu’s handling of illicitly procured Tether coins worth approximately 70 million yuan.

Connections and Collaborators with Police

Further investigations disclosed that Qiu regularly sold virtual currency, converting it into cash. This method effectively disguised the origins of the money, achieving the purpose of laundering. He would also retain a profit margin of 1% from the laundered amount.

Several others were implicated in this vast operation. Among them were a foreign affairs officer named Liao, a Shuifangtou named Chen, and a Shuifang operator named Huang. All individuals are currently under investigation with varying levels of bail and restrictions imposed.

The intricate web of transactions and the substantial amount laundered by Qiu surpassed previous records held by the Electronic Investigation Team. As investigations continue, law enforcement is keen on unraveling the full extent of this operation and tracing the entirety of the money flow.

The lavish lifestyle maintained by Qiu, evidenced by luxury cars and high-end watches, serves as a glaring reminder of the extensive underground economy fueled by money laundering. Authorities remain committed to cracking down on such operations, ensuring the integrity of the financial system.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

More articles
Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

From Ripple to The Big Green DAO: How Cryptocurrency Projects Contribute to Charity

Let's explore initiatives harnessing the potential of digital currencies for charitable causes.

Know More

AlphaFold 3, Med-Gemini, and others: The Way AI Transforms Healthcare in 2024

AI manifests in various ways in healthcare, from uncovering new genetic correlations to empowering robotic surgical systems ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Pendle Secures Arbitrum STIP Bridge Grant, Plans To Allocate 1M ARB Rewards To Arbitrum Liquidity Providers
Markets News Report Technology
Pendle Secures Arbitrum STIP Bridge Grant, Plans To Allocate 1M ARB Rewards To Arbitrum Liquidity Providers
June 19, 2024
Bridging Blockchain Networks: How ERC-7683 Aims to Transform Cross-Chain Swaps and Transactions
Opinion Markets Software Technology
Bridging Blockchain Networks: How ERC-7683 Aims to Transform Cross-Chain Swaps and Transactions
June 19, 2024
Lido Launches Early Adoption For Community Staking Module To Onboard Solo Stakers Ahead Of Its General Release
News Report Technology
Lido Launches Early Adoption For Community Staking Module To Onboard Solo Stakers Ahead Of Its General Release
June 19, 2024
Binance Launches HODLer Airdrops For BNB Holders Distributing Tokens From Projects Soon To Be Listed
Markets News Report Technology
Binance Launches HODLer Airdrops For BNB Holders Distributing Tokens From Projects Soon To Be Listed
June 19, 2024