Hong Kong Crypto Fraud Linked to Money Laundering Syndicate in Singapore

A recent investigation by the Organized Crime and Corruption Reporting Project (OCCRP) has uncovered links between alleged Hong Kong crypto fraudster Su Weiyi and a sophisticated money laundering syndicate operating out of Singapore. Hong Kong police have named Su Weiyi as the "mastermind" of the Atom Asset Exchange (AAX), which had more than two million users before it collapsed in 2022.

Key points:

• Su Weiyi is accused of theft in Hong Kong related to the collapse of Atom Asset Exchange (AAX).
• Business connections with money laundering and human trafficking suspects in Singapore and the Philippines. Su Weiyi is also listed as the owner of two Hong Kong companies, along with a man named Wang Dingkai.
• The AAX crash affected more than 2 million users; More than $30 million in cryptocurrency was allegedly stolen.

Singapore police have seized $2.3 billion in assets linked to a money laundering syndicate that included Su's associates. Hong Kong firms, including Wang Dingkai and Su Weiyi as owners, appear to have been part of the ownership structure behind the AAX cryptocurrency exchange.

Brief description:

Su Weiyi, the alleged mastermind of the 2022 Atom Asset Exchange collapse, is accused of theft in Hong Kong. Corporate records reveal his ties to a growing money laundering syndicate operating in Southeast Asia.

Su's business associates, including convicted and fugitive suspects, are linked to massive money laundering and human trafficking operations in Singapore and the Philippines. The collapse of AAX, which affected millions of users, has raised concerns that the platform could be used to launder illicit funds. The interconnected business network illustrates the complexity of Southeast Asian organized crime networks, in which cryptocurrencies play a central role.

Actionable information:

The case highlights the growing use of cryptocurrencies in organized crime and money laundering schemes. Compliance professionals must scrutinize complex corporate structures and cross-border cryptocurrency transactions to identify potential criminal connections.