Money Laundering

Israel has seized 137 cryptocurrency wallets linked to Iran’s Revolutionary Guards, holding an estimated $1.5 billion in USDT. Authorities froze part of the funds using Tether’s blacklisting feature, but most remain active, showing the limits of controlling crypto transactions.

A California man was jailed for more than four years for helping launder nearly \$37 million stolen in a global crypto scam. He was ordered to pay \$26.9 million in restitution, while eight co-conspirators have also admitted guilt.

US banks processed $312 billion in suspicious transactions linked to Chinese money laundering networks between 2020 and 2024. Despite regulatory focus on crypto, most illicit funds still move through traditional banks, not digital platforms.

A South Korean man was arrested in Bangkok for allegedly laundering over $50 million in cryptocurrency into gold bars through a call centre scam. Thai authorities have also detained ten others linked to the scheme as investigations continue into cross-border crypto crimes.

A high-profile investigation into the alleged embezzlement of sukuk funds has taken a digital turn, as the Malaysian Anti-Corruption Commission (MACC) revealed that approximately RM11 million was converted into digital currency for personal use.

Garden Finance was accused of helping move stolen crypto linked to North Korea’s Lazarus Group, after earning $300,000 in fees in 12 days. An investigator said most of the funds came from the Bybit hack, but the platform’s founder denies any wrongdoing.

US authorities have seized $225 million in Tether linked to a global crypto scam known as “pig butchering,” which tricked over 400 victims into fake investments. The funds were traced through blockchain forensics and laundered via the OKX exchange, with the Department of Justice aiming to return the money to victims.

Vietnam’s National Assembly has passed a major digital law that establishes clear crypto regulations and strict AML standards, while also offering incentives for AI, semiconductors, and digital infrastructure—signalling its ambition to become a global tech and investment hub.

Hong Kong Customs and Excise Department has partnered with the University of Hong Kong to develop a crypto tracking tool amidst rising money laundering cases involving digital assets, aiming to strengthen detection and investigation of illicit transactions.

Between 13 to 30 May, 49 people in Singapore were arrested for allegedly helping launder scam proceeds by sharing personal data and account credentials. Authorities warn such crimes carry heavy fines and jail time.