I recently came across a case that is really worth flagging and staying on guard about. Wang Shuiming—who was arrested in Singapore’s biggest money laundering case—is now being held in Montenegro and is set to be extradited back to China. This guy has a major background: he’s from Anxi, Fujian, and an entire criminal network is tied to him.

What impressed me most is that Wang Shuiming’s partner, Su Weiyi, is actually the mastermind behind the Hong Kong crypto scam Atom Asset Exchange. In November 2022, this platform suddenly collapsed—users couldn’t withdraw their funds at all. Su Weiyi then took off with 16.74 million Hong Kong dollars, which is equivalent to 15.67.5 million yuan RMB. Later, Hong Kong police only caught him in July 2024. Even more outrageous, Su Weiyi and other partners also controlled other companies, and these people were linked to Guo Huaping, the convicted Filipino-Chinese former mayor.

The money laundering scale of Wang Shuiming’s group is truly shocking. On August 15, 2023, Singapore police deployed more than 400 people to launch a raid and broke a money laundering case—the largest in Singapore’s history—in one go. The amount involved was 3 billion Singapore dollars, which comes out to roughly 16 billion yuan RMB. Ten people were arrested on the spot, all between 31 and 44 years old, all from Fujian. Outsiders call them the “Fujian Gang.” They held passports from multiple countries and used a combination of forged documents, shell companies, and cryptocurrencies to “launder” the dirty money from illegal gambling and scams across Southeast Asia, then channel it into high-end assets in Singapore and overseas.

Wang Shuiming’s asset holdings are even more astonishing. According to Singapore police investigations, his investments in domestic companies alone reached as much as 32 million yuan RMB, and he also owned a factory worth several million. In Xiamen alone, he had two apartments totaling 20 million yuan RMB. There was also 2 million Hong Kong dollars in a Hong Kong bank account, as well as cryptocurrencies worth 110,000 US dollars. The story behind these assets shows just how crucial Wang Shuiming’s role is within the entire criminal network. Cases like this remind us that risks in the crypto space do exist—so it’s essential to stay alert to platforms that suddenly make withdrawals impossible.