Chasing down the "88 Palace" Taiwan money laundering kingpin network: "Binance" COO detained for allegedly laundering through wash trading.

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"88 Guan" Case: Key Figure Extradited from Thailand

The Taiwan judiciary has made significant progress in the "88 Guan" case. One of the key figures in the case, the head of "88 Guan," Guo Zemin, has been extradited from Thailand and detained. With Guo Zemin's detention, the special task force has begun a comprehensive investigation into the related financial flows.

Why did the New Taipei District Prosecutors' Office refuse to accept over six million USDT in illicit funds in the case of the main suspect in "88 Guan," Guo Zemin?

Criminal Network of Money Laundering: Involvement of Cryptocurrency Exchanges

The investigation uncovered the criminal activities of Tu Cheng-wen, the owner of Ruisen Jewelry. Tu Cheng-wen, known as the "Money Laundering Godfather," used the jewelry store as a front to assist gambling and telecom fraud groups in money laundering activities through cryptocurrency exchanges. The amount involved exceeds billions of NT dollars, including funds from the im.B fraud case. Law enforcement recently launched a large-scale search, but Tu Cheng-wen had already fled.

Suspicions of Insider Leaks

According to reports, Tu Cheng-wen has complex relationships with the police and heavyweight gangs domestically. He operated a high-end guesthouse in the basement of Ruisen Jewelry, where many senior police officers had visited. Tu Cheng-wen's ability to evade search actions and escape in advance has raised concerns about the possibility of insiders within the judiciary, which is currently under investigation.

Money Laundering Partners and Financial Investigation

Guo Zemin and Tu Cheng-wen are believed to be money laundering partners, both with assets exceeding billions of NT dollars. They run an international "financial enterprise" specializing in gambling and underground remittances between Taiwan and Southeast Asia. After Guo Zemin's detention, the special task force is focusing on investigating Tu Cheng-wen's financial flows.

Involvement in Multiple Criminal Activities: Game Orange Points Embezzlement

Tu Cheng-wen allegedly embezzled three hundred million NT dollars over four years through transactions with Humor Tech and other companies.

According to reports, the special task force found that between 2020 and 2023, Tu Cheng-wen purchased points from companies like Game Orange through Humor Tech, amounting to billions of NT dollars, and then sold the game points to overseas Hong Kong companies. He applied for tax refunds under the guise of "export," embezzling up to three hundred million NT dollars.

Emergency Manhunt: BITGIN Operator of Coin Indeed Detained

Currently, the police are actively pursuing Tu Cheng-wen and summoning dozens of individuals involved in the case. Key figures in this case include the operating director of the cryptocurrency exchange "Coin Indeed," Zhang Yu-ting, and the chairman of Humor Tech, Xu Zhi-xuan, who have been detained. The authorities will continue to investigate whether Tu Cheng-wen has other methods of embezzling tax funds and will make every effort to apprehend the fugitive Tu Cheng-wen.

Zhang Yu-ting as a Key Member of the Taiwan VASP Association Preparatory Group

The operating director of the cryptocurrency exchange "Coin Indeed," Zhang Yu-ting, is a member of the Taiwan Virtual Asset Platform and Trading Business VASP Association Preparatory Group and was still participating in meetings until October 24. Coin Indeed is also an operator approved by the Taiwan FSC with anti-money laundering measures. The VASP Association Preparatory Group has issued a statement that its member will temporarily suspend participation in activities until the case is resolved.

The Taiwan VASP Association Preparatory Group's response to member involvement in the case: Temporarily suspending operations until clarification and maintaining the presumption of innocence.

Response from Coin Indeed: Cooperating Fully Upon Discovering Suspicious Users

When asked for comments, Daniel, the CEO of Coin Indeed, stated that the operating director Jasmine was investigated by the authorities last week due to a transaction between Coin Indeed and a legal entity at the end of 2021. Coin Indeed explicitly expressed that since March 2022 when KGI Bank notified them of potential money laundering activities involving a trading partner, they immediately took action to cease all transactions with that legal entity and actively reported the transaction records to the relevant authorities.

Coin Indeed unfortunately became involved in this case and is fully cooperating with the authorities' investigation, hoping to clarify the facts and prove innocence as soon as possible.