One Person Arrested in New $67 Million Cryptocurrency Case by US Department of Justice
A new cryptocurrency case has emerged in the United States involving allegations of money laundering. The US Department of Justice claims that Bill Guan, the Chief Financial Officer of Epoch Times, a media publication based in New York, is responsible for laundering $67 million using cryptocurrencies.
According to the lawsuit filed by the DOJ, Guan led a team called “Make Money Online (MMO)” that engaged in purchasing illicit funds with cryptocurrencies. These funds were then transferred to bank accounts associated with Epoch Times. The individuals involved in the scheme opened various accounts using stolen personal information.
These illegal operations spanned from 2020 to April 2024. Damian Williams, the US Attorney for the Southern District of New York, announced Guan’s arrest and stated that he conspired with others to benefit himself, his media company, and its affiliates by laundering millions of dollars in fraudulently obtained unemployment insurance benefits and other criminal proceeds.
Williams emphasized the commitment of the US Department of Labor’s Office of Inspector General to vigorously enforce the law against those who facilitate fraud through money laundering and protect the integrity of the US financial system.
Regarding Guan’s actions, Williams explained that he and his team were involved in extorting tens of millions of dollars in criminal proceeds, including funds from fraudulently obtained unemployment insurance benefits. These proceeds were often converted into cryptocurrency at discounted rates, around 70 to 80 cents on the dollar, using a specific cryptocurrency platform.
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