Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
The Electronic Investigation Team of the Criminal Bureau in Taiwan has nabbed an individual suspected of laundering a record $320 million through digital assets, making it the largest single case of crypto-related money laundering in Taiwan.
What Happened: The suspect identified by the surname Qiu was first discovered in June 2023 in an investment fraud case wherein a fake securities trading app surfaced through an investigation started in 2022.
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Financial transactions and Qiu channeling money through multiple accounts led to Qiu’s arrest. Qiu exchanged money for Tether (USDT) and then sold it for cash conversion thereby hiding the origin of the funds.
Qiu also benefitted by taking a 1% commission from each transaction, and he also traveled frequently to Southeast Asian countries like Hong Kong, Malaysia, and the Philippines where he is suspected of having connections with gambling and fraud syndicates.
Qiu was also found to hold many luxury items like high-end vehicles and expensive watches. For evidence purposes, the authorities seized cash, laptops, and financial cards.
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Meanwhile, three additional suspects have also been arrested in the case amid ongoing investigations for the destination of the stolen funds.
The news comes on the heels of Taiwan’s crypto regulatory bill for which a new draft proposal is already submitted. Under the bill, regulatory authorities can impose administrative penalties on operators who violate these self-regulation rules. Implementation is likely by mid-2024.
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