{"id":79185,"date":"2023-11-01T01:30:22","date_gmt":"2023-11-01T05:30:22","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/taiwan-police-bust-320-million-crypto-money-laundering-racket\/"},"modified":"2023-11-01T01:30:25","modified_gmt":"2023-11-01T05:30:25","slug":"taiwan-police-bust-320-million-crypto-money-laundering-racket","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=79185","title":{"rendered":"Taiwan Police Bust $320 Million Crypto Money Laundering Racket"},"content":{"rendered":"<div>\n<figure id=\"attachment_124557\" aria-describedby=\"caption-attachment-124557\" style=\"width: 1200px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-124557\" class=\"wp-caption-text\">Source: Pexels<\/figcaption><\/figure>\n<p>Taiwan\u2019s Criminal Bureau\u2019s Electronic Investigation Team busted a major crypto money laundering operation, involving $320 million worth of USDT.<\/p>\n<p>The criminal network, led by a merchant named Qiu, spanned multiple countries in Southeast Asia, including Malaysia, Philippines, and Hong Kong.<\/p>\n<p>The investigation began last year when the Electronic Investigation Team uncovered a case of fraudulent mobile software linked to Taishin Securities. After following the money trail, the authorities stumbled upon a web of deceit masterminded by Qiu, a 40-year-old individual believed to be the linchpin of this elaborate scheme, as per local media reports.<\/p>\n<p>Taiwan is currently in the process of bringing definite crypto regulations.\n<\/p>\n<h2>Taiwan\u2019s Largest Money Laundering Case Involving Crypto<\/h2>\n<p>\nThe modus operandi of this illicit operation was cunningly devised. Victims\u2019 money was funneled through multiple shell accounts before ultimately reaching Qiu. Once in his possession, the funds were converted into cryptocurrencies, effectively concealing their origins and facilitating the process of money laundering.<\/p>\n<p>Qiu pocketed a 1% commission on each transaction. His frequent overseas travel, particularly to gambling and fraud groups, further raised suspicions about his involvement in other criminal activities.<\/p>\n<p>As the evidence gathered, the prosecutor\u2019s office took swift action. On June 13, when Qiu was returning to Taiwan from Taoyuan Airport, authorities apprehended him.<\/p>\n<p>During the investigation, the police seized Qiu\u2019s mobile phone, which contained crucial digital evidence.<\/p>\n<p>The police also seized Qiu\u2019s luxury items, including a Lamborghini URUS, a Lexus LM, three Apple watches valued at a million yuan, a substantial sum of 210,000 yuan in cash, laptops, debit cards, passbooks, and drugs, such as coffee pods and K-tamine.\n<\/p>\n<h2>Qui\u2019s Crypto Wallet Processed 320 Million USDT<\/h2>\n<p>\nQiu\u2019s cryptocurrency wallet had processed a staggering 320 million Tether (USDT) coins since mid-February of the previous year.<\/p>\n<p>These tokens held a converted market value of more than 10.48 billion yuan.<\/p>\n<p>Qiu was found to have handled 2,166,177 illegally obtained Tether coins, with an approximate market value of 70 million yuan. This money laundering operation set a new record for the amount of illicit funds detected and seized by the Electronic Investigation Team.<\/p>\n<p>The case also involved three other individuals \u2013 a 25-year-old foreign affairs officer surnamed Liao, a 30-year-old operator named Chen, and a 31-year-old named Huang, who worked within the same network.<\/p>\n<p>Following a thorough investigation by the police, these individuals were identified as accomplices in both fraud and money laundering activities.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/taiwan-police-bust-320-million-cryptomoney-laundering-racket.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Pexels Taiwan\u2019s Criminal Bureau\u2019s Electronic Investigation Team busted a major crypto money laundering operation, involving $320 million worth of USDT. The criminal network, led by a merchant named Qiu, spanned multiple countries in Southeast Asia, including Malaysia, Philippines, and Hong Kong. The investigation began last year when the Electronic Investigation Team uncovered a case [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":79186,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-79185","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Taiwan Police Bust $320 Million Crypto Money Laundering Racket | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: Pexels Taiwan\u2019s Criminal Bureau\u2019s Electronic Investigation Team busted a major crypto money laundering operation, involving $320 million worth of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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