Report: Taiwan Law Enforcement Seize Over 320 Million USDT From Alleged Money Launderer

Taiwanese law enforcement recently revealed the seizure of more than 320 million USDT stablecoins from an alleged money launderer. The seizure has been described as Taiwan’s largest bust ever from a single individual.

Lamborghini and a Lexus Seized

Taiwan’s law enforcement recently said it nabbed the four individuals behind what is being described as the region’s “largest virtual currency money laundering syndicate.” In a statement, the region’s law enforcement bodies said one of those arrested who is only identified as Qiu is said to have laundered more than 320 million USDT stablecoins. Three more individuals were also arrested alongside Qiu, the statement added.

According to a local language report, the now-seized funds relate to an investment fraud case operated by Qiu which was uncovered back in October 2022. However, despite the unmasking fraud scheme, law enforcement agents did not immediately arrest Qiu who is said to have frequently travelled to Malaysia and other South East Asian countries.

However, it was upon his return to Taiwan in June 2023 that agents finally detained Qiu and his accomplices and seized their mobile phones. As stated in the report, officials only discovered the extent of Qiu’s money laundering activities after they examined the accused’s mobile phones. As per the report, the value of the virtual currency during the raid on Qiu is believed to be the highest amount ever seized from one individual.

Besides the virtual currency, Taiwanese law enforcement is reported to have recovered two vehicles, a Lamborghini URUS and a Lexus LM luxury from Qiu’s residence. Laptops, credit cards, drugs, and three expensive watches were also seized.

Meanwhile, prosecutors from the Taichung District Prosecutor’s Office are said to have set Qiu’s bail at just over $3,000 and $600 for one of his accomplices.

What are your thoughts on this story? Let us know what you think in the comments section below.


This website uses cookies. By continuing to use this site, you accept our use of cookies.