Taiwan Police Uncovers 320 Million Crypto Money Laundering Case

Criminal Bureau of Electronic Investigation Taiwan have uncovered a money laundering operation involving around $320 Million of Tether (USDT). As per the report of the agency, the criminal network was solely led by an elite member of the region named as Qiu.

The criminal network had its roots in numerous Southeast Asian nations including Malaysia, Hong Kong and Philippines. The investigation has been in process since last year as the agency discovered a case of fraudulent mobile software linked to Taishin Securities.

After the success of the investigation, the Criminal Bureau figured out that the scheme was solely operated by Qiu, a 40-year old individual. Taiwan is attempting to give shape to its own crypto regulations.

This illicit scheme was designed in such a way that victims’ money was first transferred to many shell amounts before reaching Qui. After which, the amount was further converted into cryptocurrencies with an intention to hide the origin or funds.

On every successful transaction, 1% of the entire amount was paid to Qui as the commission. His frequent involvement in gambling, fraud groups and overseas travel alerted authorities.

Qui was apprehended by the Taiwan authorities on June 13 when he was returning from taoyuan airport to Taiwan. While investigating the apprehended, police seized a mobile phone that was containing important evidence against him.

As per the case diary, Police seized luxury items including a Lamborghini URUS, a Lexus LM, 3 Apple watches valued for more than a Million yuan, a sum of 210,000 yuan in cash was also seized, passbooks, drugs and debit cards.

Since mid-February of 2022, Qui cryptocurrency wallet has processed 320 Million in Tether (USDT). The overall value of processed coins is 10.48 Billion yuan.

Have Crypto Frauds Surged in the Past Few Decades?

Dozens of data sources state that in the past few years, there has been a significant surge in crimes backed by cryptocurrencies. Crypto has given birth to many new types of online scams.

Reports show that in the financial year 2021, scammers succeeded in wiping out $14 Billion. The majority of criminals use crypto as the means of ‘Hawala’ in which they transfer illegal money across the border of various nations after clearing the origin record of the token/coin.

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing