The largest virtual currency money laundering operator in Taichung has been arrested, laundering over 320 million USDT in a year

ChainCatcher news, according to United News Network, the Criminal Investigation Bureau's Cybercrime Division in Taiwan uncovered a fraudulent case involving a fake Taishin Securities mobile app last year. Tracing the flow of the victims' illicit funds revealed that a money laundering suspect with the surname Qiu was allegedly using virtual currency for money laundering, frequently traveling to Malaysia and other Southeast Asian countries. In June of this year, law enforcement apprehended Qiu upon his return to the country, bringing back Qiu and three others involved in the case. Subsequent investigations of their mobile phones revealed that Qiu had handled 320 million USDT since February of last year.

Police investigations found that the fraud group required victims to transfer funds to dummy accounts during their scams. The illicit funds were then transferred abroad to virtual currency trading platforms or individual currency dealers through multiple layers of dummy accounts to purchase virtual currency. Qiu would then obtain the virtual currency and sell it for cash, thereby achieving the purpose of money laundering, while Qiu collected a 1% "service fee" as profit.

The police also arrested accomplices surnamed Liao, Chen, and Huang, and charged them with fraud, money laundering, and other offenses. They will continue to investigate the source and flow of funds related to this money laundering operation (a criminal group specifically for laundering money from overseas online fraud).