Taiwan’s police have recently dismantled a substantial crypto-related money laundering scheme. In Taichung, authorities discovered and arrested individuals in a criminal operation involving roughly 324.2 million USDT (Tether).
The latest report shows the case marks the largest of its kind in Taiwan’s history, shedding light on the dark underbelly of digital currency exploitation for illegal purposes.
The Intricacies Of The Crypto Laundering Operation
The bust stems from an extensive investigation initiated in June, which tied the money laundering activities to an investment fraud case examined in October 2022, according to the report.
The work of the police criminal investigation bureau led to the apprehension of a suspect with the family name Chiu, who is alleged to have played a central role in the laundering operations by funneling the fraudulent funds through various channels.
According to the police statement, the group had a sophisticated system that directed victims to deposit funds into fake accounts. These funds were then transferred to foreign crypto exchanges or individual traders.
The suspect, Chiu, is accused of converting the amassed cryptocurrencies into cash. During the probe, investigators found that Chiu had made frequent trips abroad, potentially to liaise with
Go to Source to See Full Article
Author: Samuel Edyme
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
