Singapore S$3 Billion Money Laundering Case: First Two Batches of Confiscated Assets Put Up for Auction; Involved Parties Had Ties to Cryptocurrency Money Laundering

Odaily News: In Singapore's S$3 billion money laundering case, the first two batches of confiscated assets have officially been put up for auction, with an estimated total value ranging from S$2.9 million to S$3.9 million. The auction is conducted entirely online, and bidders cannot place bids in person or by phone. Currently, the confiscated items are stored in a warehouse at Le Freeport in Changi North Crescent. Interested bidders from Singapore and overseas can visit in advance, but appointments are required and slots are limited. Among the items, the most notable is a limited-edition pumpkin bag by Louis Vuitton and Yayoi Kusama. (Lianhe Zaobao)

It is reported that this case is one of the largest money laundering cases in Singapore in recent years. Su Weiyi, a business partner of involved party Wang Shuiming, has been confirmed as the mastermind behind the cryptocurrency platform scam Atom Asset Exchange. Another involved party, Su Baolin, had received proceeds from illegal overseas online gambling through USDT and converted part of the USDT into at least S$463,000 in cash in 2023. He also used USDT to purchase a Toyota Alphard.