Media mogul accused of laundering $67 million with cryptocurrencies
A media mogul in the US has been accused of money laundering using cryptocurrency and faces more than 20 years in prison.
According to the statement of the US Department of Justice, Epoch Times' CFO Bill Guan was accused of being affiliated with a network that laundered $67 million in money using cryptocurrency.
The Epoch Times, a multinational media company, is one of the most influential right-wing platforms in the United States and is famous for criticizing the Chinese government.
Guan, 61, directed Epoch's Make Money Online project abroad between 2020 and 2024. âWhile under Guan's direction, the team's employees and others handled tens of millions of dollars' worth of criminal proceeds that were transferred to tens of thousands of different prepaid cards,â the department said.
The accusations made against Guan do not cover Epoch Times'Â media work. Guan denied the accusations against him.
The team used a cryptocurrency platform to launder the money, turning every $1 of black money into a cryptocurrency worth 70-80 cents. They then opened accounts with fake credentials and transferred them to their own accounts.
These funds were then laundered through Epoch's other bank accounts, Guan's personal account, and various cryptocurrency accounts.
A prison sentence of up to 20 years can be imposed for laundering proceeds of crime. The penalty for each bank fraud crime committed can be up to 30 years in prison.
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