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Crime and Investigations

Taiwan Cracks $324M Crypto Laundering Case

Taiwan Cracks $324M Crypto Laundering Case

Taiwanese authorities recently uncovered a significant money laundering scheme in Taichung related to cryptocurrencies, marking one of the most substantial cases in the country's history.

The investigation, conducted by the police agency’s criminal bureau, led to the arrest of an individual identified as Chiu, who allegedly orchestrated the laundering of more than 324.2 million USDT. This substantial sum was linked to an investment scam unveiled in October 2022, leading to the arrest of three additional suspects.

According to reports from the local newspaper United Daily News, the fraudulent group behind the scheme directed victims to transfer their assets to fictitious accounts. These illicit funds were then funneled through various channels, ultimately reaching overseas cryptocurrency exchanges or individual traders. Chiu was purportedly involved in converting these cryptocurrencies into cash.

READ MORE: Institutional Investors Flood Crypto Markets with Record Funds

Throughout the investigation, it was revealed that Chiu frequently traveled abroad, hinting at potential connections with foreign fraudulent entities. The arrest of Chiu took place in June at Taoyuan International Airport upon the suspect’s return to Taiwan.

Substantial evidence was confiscated by the authorities, including luxury items like a Lamborghini and a LEXUS LM, three high-end watches, work-related communication devices, and illegal substances.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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