The largest virtual currency money launderer in Taichung was arrested, laundering more than 320 million USDT in a year

On November 1st, it was reported that Taiwan's Criminal Investigation Bureau's electronic surveillance team had cracked a fake Taishin Securities mobile phone software fraud case last year. During the investigation, they traced the flow of money from the victims and found that a money launderer surnamed Qiu was suspected of using virtual currency to launder money. Qiu frequently traveled to Southeast Asian countries such as Malaysia. In June of this year, the police arrested Qiu and three other suspects upon his return to Taiwan. During the subsequent investigation of Qiu's phone, it was discovered that he had handled 320 million USDT from February of last year to the present. The police investigation revealed that the fraud group asked the victims to transfer the funds to a dummy account and then used multiple dummy accounts to transfer the stolen funds to overseas virtual currency trading platforms or individual currency traders to purchase virtual currency. Qiu then obtained the virtual currency and sold it for cash, earning 1% commission as profit. The police also arrested accomplices surnamed Liao, Chen, and Huang on charges of fraud and money laundering, and will continue to investigate the source and flow of funds for this "water room" (a criminal group specializing in "money laundering" for overseas online fraud crimes).