Crypto Crime: Taiwan’s Law Enforcement Makes Giant Bust• November 1, 2023 12:16 pm • Comments
Taiwanese officials recently announced that they busted the largest crypto fraud ring in the nation’s history.
According to local sources, the Taiwanese police arrested a suspect known only as Chiu back in June 2023. Chiu was in possession of approximately $342.2 million USDT.
Authorities allege that Chiu and several other accomplices were using fake accounts to collect crypto from unsuspecting victims and then launder the money through a series of trades and exchanges.
After the money was successfully laundered, the funds would be converted into cash money for the scammers.
The Block had more details on the alleged fraud:
The police investigation showed the fraud group instructed victims to transfer their funds to dummy accounts and channel the illicit funds to overseas crypto exchanges or individual crypto traders.
Chiu then allegedly obtained these cryptocurrencies and converted them into cash.
Multiple sources are currently reporting the same story and the same details:
Taiwan authorities have unearthed the largest crypto money laundering case in the nation involving 320 million USDT.
— TheCryptoBasic (@thecryptobasic) November 1, 2023
Taiwan police uncovered Taiwan’s largest cryptocurrency money laundering case, involving 320 million USDT. Criminal suspects often travel to Hong Kong, the Philippines, Malaysia and other places to communicate with local fraud groups and assist in money laundering.…
— Wu Blockchain (@WuBlockchain) November 1, 2023
Taiwan police arrested Chiu, who allegedly laundered over a 324.2 million USDT in the Taichung. The group instructed victims to transfer funds to dummy accounts and transfer them to overseas crypto exchanges. Chiu's frequent travel and potential involvement in foreign gambling… pic.twitter.com/vN1LiKzJSe
— CRUX | Crypto News (@Coin_Crux) November 1, 2023
The recent crackdown on a massive $324.2m #USDT money laundering operation by Taiwan police highlights the growing concerns and efforts to combat financial crimes in the digital currency space.
This underscores the need for robust regulations and vigilance in the #crypto world
— TachiTeam ❤️ Memecoin (@tachiteam) November 1, 2023
Throughout the course of the investigation, a dedicated task force discovered that Chiu had an extensive history of international travel.
It has been suggested that the suspect may have been involved in discussions and negotiations with foreign entities, potentially including gambling and fraudulent groups.
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