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The exchange confirmed its COO's brief relationship to an alleged money laundering group in a statement on November 13. Taiwan cryptocurrency exchange Bitgin is under investigation by the country's police force for money laundering. According to local news reports early this week, Yuting Zhang, the firm's COO, was arrested by Taiwanese police for his alleged role in the "Eighty-Eight Guild Hall" money laundering incident.  Previously Zhemin Guo and Chengwen Tu, two local businessmen, were accused by police of operating a multi-billion-dollar money laundering scheme by using their foreign exchange offices and crypto exchange accounts to launder proceeds of crime obtained via wire fraud from overseas. Chengwen Tu is also accused of defrauding the country's tax authorities by claiming 300 million New Taiwan Dollar ($9.28 million) in fradulent export tax refunds through overseas sale of video game credits.  Taiwan currently has no official licensing regime for c...

The Lazarus Group, known for its cybercriminal activities, has shifted its focus to Garantex, an OFAC-sanctioned exchange, to trade stolen assets for bitcoin (BTC).  This move comes despite significant efforts from various stakeholders, including on-chain monitor Elliptic, exchange partners, and the wider community, to freeze the stolen funds held in Atomic Wallet. After a significant and successful cross-community effort between @elliptic, many of our exchange partners and friends to freeze stolen @AtomicWallet funds, Lazarus have now turned to OFAC-sanctioned Exchange, Garantex, to trade their assets for BTC… pic.twitter.com/5Lk9DeGjr8 — Elliptic Investigations (@Elliptic_Inv) June 12, 2023 The Lazarus Group, a state-sponsored hacking group with alleged links to North Korea, has a long history of conducting high-profile cyber attacks targeting cryptocurrency exchanges, financial institutions, and other lucrative targets. In this instance, their attention has tur...