Singapore Opens Auction of Seized Assets From Major Money Laundering Case

The first two batches of seized assets from Singapore’s S$3 billion money laundering case have officially gone up for auction, with an estimated total value of between S$2.9 million and S$3.9 million. According to ChainCatcher, bidding is online only, and participants cannot place bids in person or by phone. The seized items are being stored at Le Freeport in Changi North Crescent, where interested bidders from Singapore and overseas may visit by appointment, subject to limited availability. Among the most closely watched items is a limited-edition Louis Vuitton and Yayoi Kusama pumpkin bag. The case is one of Singapore’s largest money laundering investigations in recent years. One implicated individual, Su Weiyi, a partner of Wang Shuiming, was confirmed as the mastermind behind the crypto platform scam Atom Asset Exchange. Another implicated person, Su Baolin, allegedly received proceeds from overseas illegal online gambling through USDT, converted part of the USDT into at least S$463,000 in cash in 2023, and also used USDT to buy a Toyota Alphard.