Vang Shuiming

Accused in a S$2.8 billion money laundering case, Vang Shuiming’s second bail request was denied in a Singapore court on Thursday.

The decision was based on concerns of his substantial overseas assets, multiple passports, and the movement of cryptocurrency assets post-arrest, highlighting a significant flight risk.

A recent court ruling unveiled that over US$2.8 million (S$3.8 million) in cryptocurrencies were withdrawn from key suspect Vang Shuiming’s Binance account, just two days after his arrest on August 15th.

CAD initially remained unaware of these assets, learning of them through “foreign authorities.”

Vang, wanted by Chinese authorities for illegal online gambling, had evaded capture, relocating to Singapore with his family in 2019.