New $67 Million Cryptocurrency Case from the US Department of Justice: Epoch Times CFO Arrested!
A fresh cryptocurrency case has emerged in the United States, with the US Department of Justice (DOJ) accusing Bill Guan, the CFO of Epoch Times, a New York-based media publication, of engaging in $67 million of cryptocurrency-related money laundering.
In the lawsuit filed by the DOJ, Guan is alleged to have led a team called “Make Money Online (MMO)” that allegedly used cryptocurrencies to launder criminal proceeds for the benefit of the media company.
The funds, it is claimed, were subsequently funneled into Epoch Times’ bank accounts by members of the MMO team and other individuals who had opened various accounts using stolen personal information. This illegal operation is said to have taken place between 2020 and April 2024.
Bill Guan was arrested following these accusations, as revealed by Damian Williams, the US Attorney for the Southern District of New York. In his statement, Williams expressed, “Allegedly, Bill Guan, Chief Financial Officer of a global newspaper and media company, conspired with others to benefit himself, his media company, and its affiliates by laundering tens of millions of dollars in fraudulently obtained unemployment insurance benefits and other criminal proceeds. Today’s charges reflect the U.S. Department of Labor’s Office of Inspector General’s ongoing commitment to vigorously enforce the law against those who facilitate fraud through money laundering and to protect the integrity of the U.S. financial system.”
Williams further detailed Guan’s involvement in the scheme, stating, “Under Guan’s direction, Team MMO members and others were involved in extorting tens of millions of dollars of criminal proceeds, including proceeds from fraudulently obtained unemployment insurance benefits, loaded onto tens of thousands of prepaid debit cards. The proceeds of the crime were often purchased for cryptocurrency by scheme participants, including MMO Team members and others working with them, using a specific cryptocurrency platform, at discounted rates of approximately 70 to 80 cents on the dollar.”
*This is not investment advice.