A recent investigation by the Organized Crime and Corruption Reporting Project (OCCRP) has uncovered a connection between the alleged Hong Kong-based crypto fraudster Su Weiyi and a sophisticated money laundering syndicate operating in Singapore. Hong Kong police have called Su Weiyi the “mastermind” behind Atom Asset Exchange (AAX), which had more than two million users before collapsing in 2022.
Key Points:
- Su Weiyi, charged with theft in Hong Kong, linked to the collapse of Atom Asset Exchange (AAX).
- Business ties to suspects in Singapore and Philippine money laundering and human trafficking investigations. Su Weiyi is also listed as an owner of two Hong Kong companies along with a man named Wang Dingkai.
- AAX collapse affected over 2 million users; over $30 million in crypto was allegedly stolen.
- Singapore police seized $2.3 billion in assets tied to money laundering syndicate involving Su’s associates. The 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.
Short Narrative:
Su Weiyi, alleged mastermind behind the 2022 collapse of Atom Asset Exchange, is facing theft charges in Hong Kong. Corporate records reveal his ties to a sprawling money laundering syndicate operating in Southeast Asia.
Su’s business partners, including convicted and fugitive suspects, are linked to massive money laundering and human trafficking operations across Singapore and the Philippines. AAX‘s demise, impacting millions of users, raises concerns that the platform may have been used to launder illicit funds. The interconnected business web illustrates the complexity of Southeast Asia’s organized crime networks, with cryptocurrencies playing a central role.
Actionable Insight:
The case highlights the increasing use of cryptocurrencies in organized crime and money laundering schemes. Compliance professionals should scrutinize complex corporate structures and cross-border transactions involving crypto to detect potential criminal links.
Call for Information: FinTelegram seeks further insights into cryptocurrency platforms involved in money laundering. How can compliance teams better detect these illicit networks?
