Cryptocurrency …The Electronic Investigation Team (EIT) of Taiwan’s Criminal Bureau has recently exposed an intricate money laundering scheme led by an enigmatic figure known only as “Shadow,” as reported by the United Daily News. This elaborate network of illicit financial transactions extended across the expanse of Southeast Asia, involving a jaw-dropping $320 million in Tether (USDT) cryptocurrency.
Shadow posed as a merchant on the surface. However, behind the scenes, he allegedly orchestrated an expansive criminal enterprise that spanned Southeast Asian territories, including Malaysia, the Philippines, and Hong Kong.
What’s more, Shadow imposed a 1% surcharge on every money laundering transaction he facilitated. This commission structure equates to a substantial $3.2 million, although authorities suspect the actual figure might be higher.
Starting in February 2022, authorities have amassed compelling evidence linking Shadow to the transfer of an astounding $320 million worth of Tether through cryptocurrency wallets under his jurisdiction. Given the stability of Tether, pegged to the U.S. dollar, each coin typically maintains a value of approximately $1, with minor fluctuations.
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Shadow employed a web of fraudulent accounts to act as channels for redirecting the illegal proceeds until they ultimately funneled into his control. Throughout this operation, the funds underwent methodical conversion into a range of cryptocurrencies, effectively concealing their origin and simplifying subsequent financial dealings.
The exposure of this far-reaching endeavor commenced when EIT investigators redirected their focus to Taishin Securities, a Taiwanese financial services company, last year. Their initial suspicions were piqued by the detection of unauthorized software linked to the organization.
The trail of illicit funds ultimately guided authorities directly to Shadow. As investigators delved into his daily routines, they stumbled upon a sequence of travels and engagements that triggered concerns. Shadow’s frequent international voyages, frequently entailing rendezvous at undisclosed legal and illicit gambling establishments, hinted at potential associations with individuals previously identified as having potential links to criminal undertakings.
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On June 13, Qui was apprehended as he returned to Taiwan via the Taoyuan Airport. In the course of the investigation, authorities confiscated Qui’s mobile phone, which is said to contain a comprehensive log of his criminal endeavors.
Furthermore, authorities seized a Lamborghini Urus SUV, a Lexus LM minivan, three Apple Watches, CNY210,000 (US$28,686) in cash, numerous computers, debit cards, and assorted illicit substances.
Several other individuals associated with the operation have been taken into custody. They could potentially face prison terms of up to seven years and fines of as much as TWD1 million (US$30,770) under Taiwan’s Money Laundering Control Act. Their court appearance is still pending.
