On March 4th, COINOTAG News reported that Wang Shuiming, a fugitive implicated in one of Singapore’s largest money laundering operations, has been apprehended in Montenegro and is slated for extradition to China. His associate, Su Weiyi, has been identified as the primary architect behind the notorious AAX cryptocurrency exchange fraud, leading to his arrest by Hong Kong authorities in July 2024. This exchange notably suspended withdrawals in November 2022, ultimately folding amid allegations of embezzling approximately 16.74 million Hong Kong dollars (around 15.675 million yuan). Following the incident, Su Weiyi fled authorities but has since been captured. Additionally, it is pertinent to highlight that Su Weiyi holds connections with various entities affiliated with the former Filipino-Chinese mayor, Alice Guo, who has also faced legal issues. Such developments underline the systemic risks within the cryptocurrency sector and the ongoing regulatory scrutiny it invites.
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