Taiwan Busts Alleged $320 Million Tether-Based Laundering Ring

Taiwan’s Criminal Investigation Bureau arrested four suspects accused of laundering NT$10.5 billion ($320 million) via the digital asset Tether, according to a statement from the authority Tuesday.

• The suspects converted ill-gotten gains into crypto through offshore exchanges or individual dealers and then shifted the funds back into fiat cash, the bureau said.
• The key suspect, named only as Qiu, traveled frequently overseas and was arrested in June at Taiwan’s Taoyuan International Airport, according to the bureau.
• Local mediasaid the case is the biggest instance of crypto money laundering Taiwan has yet seen
• NOTE: Tether is the largest stablecoin, ...