Money laundering seizures are occurring throughout the world, this time in Taiwan where authorities have discovered a record crypto scheme.
Authorities seized 10.4 billion Taiwanese dollars ($320 million) from an investigation into an alleged crypto laundering scheme, marking a record amount for Taiwan. The probe also resulted in the arrest of a key individual identified only by his surname Qiu, alongside three other suspects, according to a statement by local police.
The investigation was initiated last year, starting with a fake securities trading app with financial transactions that could be ultimately traced to Qiu’s involvement. Qiu allegedly funnelled money through multiple accounts by exchanging them for tether – a dollar-linked stablecoin – before selling to convert back to cash.
Qiu allegedly took a commission of 1 percent per transaction and frequently travelled to Southeast Asian countries, including Malaysia and the Philippines, where he is suspected of having gambling and fraud syndicate ties.
