Auction Begins for Assets Worth 3 Billion Singapore Dollars Linked to Money Laundering

An auction has begun for assets seized in a money laundering case involving 3 billion Singapore dollars in Singapore. It has been confirmed that the individuals involved received illegal gambling proceeds in Tether (USDT), converted it to cash, and purchased vehicles. Singaporean authorities are gradually disposing of the seized luxury goods and real estate, with the first two online auctions featuring 338 luxury bags and accessories, as well as 286 pieces of jewelry. The estimated pre-auction value is between 2.9 million and 3.9 million Singapore dollars, with the first auction ending on September 20 and the second on September 27. The entire auction process will continue until mid-2027. The items for disposal include luxury goods, jewelry, watches, and over 80 properties. Singapore police have stated that Su Baolin was involved in operating illegal remote gambling overseas from 2019 to 2023 and received Tether. Investigations revealed that Su Baolin cashed out Tether on August 3, 2023, receiving at least 463,243 Singapore dollars. He used Tether to purchase vehicles and was sentenced to 14 months in prison for money laundering, with assets worth approximately 65 million Singapore dollars seized. The cryptocurrency platform Atom Asset Exchange (AAX), linked to the case, has faced operational difficulties since the bankruptcy of FTX in 2022 and is currently undergoing liquidation. The Singapore Ministry of Home Affairs has stated that there are no identifiable assets belonging to victims among the seized assets up for auction.