The first two batches of forfeited assets tied to Singapore’s S$3 billion money laundering case have formally opened for auction, according to ChainCatcher. The assets are estimated to be worth between S$2.9 million and S$3.9 million in total. Bidding is conducted online only, with no in-person or telephone bids allowed. The confiscated items are being stored at the Le Freeport facility in Changi North Crescent, where members of the public in Singapore and overseas may view them by appointment, subject to limited slots. One of the items drawing the most attention is a limited-edition pumpkin bag from the Louis Vuitton and Yayoi Kusama collaboration. ChainCatcher also noted that the case is one of the largest money laundering cases in Singapore in recent years. In the same case, Su Weiyi, a partner of Wang Shuiming, was confirmed to be the mastermind behind the Atom Asset Exchange crypto platform scam. Another person involved, Su Baolin, allegedly received proceeds from illegal overseas online gambling through USDT, converted part of those holdings into at least S$463,000 in cash in 2023, and also used USDT to purchase a Toyota Alphard.
The first two batches of forfeited assets in Singapore’s S$3 billion money laundering case have formally opened for auction, ChainCatcher reported. The lots are estimated to be worth between S$2.9 million and S$3.9 million in total.
The auction is being conducted online only. Bidders cannot place bids in person or by phone.
The confiscated items are currently stored at the Le Freeport facility in Changi North Crescent. Interested members of the public in Singapore and overseas can inspect the assets, but they must book in advance and viewing slots are limited. One of the most closely watched items is a limited-edition pumpkin bag from the Louis Vuitton and Yayoi Kusama collaboration.
ChainCatcher said the case is one of Singapore’s largest money laundering cases in recent years. In the same case, Su Weiyi, a partner of Wang Shuiming, was confirmed to be the mastermind behind the Atom Asset Exchange crypto platform scam. Another individual tied to the case, Su Baolin, had received proceeds from illegal overseas online gambling through USDT. In 2023, he converted part of that USDT into at least S$463,000 in cash and also used USDT to buy a Toyota Alphard.
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