Bill Guan, CFO of The Epoch Times, faces charges for allegedly laundering $67 million via crypto, according to an indictment unsealed on Jun. 3.
Guan is accused of conspiring with the “Make Money Online” team to launder illicit funds through cryptocurrency, involving fraudulent unemployment insurance claims. U.S. Attorney Damian Williams noted that Guan allegedly lied about the origins of the funds to banks, claiming they were donations.
The Department of Justice reports that The Epoch Times saw a 410% revenue increase during the scheme, from $15 million to $62 million. Guan faces severe penalties: one count of conspiracy to commit money laundering (up to 20 years) and two counts of bank fraud (up to 30 years each).
This case underscores the growing scrutiny on cryptocurrency’s role in financial crimes and its potential impact on the media industry’s credibility.
