US Department of Justice: $67 Million Cryptocurrency Case Leads to Arrest
The US Department of Justice has accused Bill Guan, the CFO of Epoch Times, a media publication based in New York, of money laundering using cryptocurrencies. The alleged amount involved in the case is $67 million.
According to the lawsuit filed by the DOJ, Guan was the leader of a team called “Make Money Online (MMO)” that engaged in purchasing illegal proceeds with cryptocurrencies for the benefit of Epoch Times. The funds were then transferred to bank accounts associated with the media company, using stolen personal information to open various accounts.
These illegal operations took place between 2020 and April 2024. Damian Williams, the US Attorney for the Southern District of New York, announced that Bill Guan has been arrested. Williams stated, “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.” He emphasized the commitment of the US Department of Labor’s Office of Inspector General to enforce the law against money laundering and protect the integrity of the US financial system.
Williams further explained that under Guan’s direction, the MMO team and other individuals were involved in extorting tens of millions of dollars in criminal proceeds, including funds obtained through fraudulent unemployment insurance benefits. These proceeds were often converted into cryptocurrency at discounted rates of around 70 to 80 cents on the dollar.
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