---
title: "Former TSMC Engineer Headed an Underground Money Transfer Network Between Taiwan and Korea: Police Seized Rolex Watches, a Tesla, and Cryptocurrency"
description: "Taiwanese police uncovered an underground transfer network between the island and South Korea that had been operating since 2018. The organizer turned out to be a former TSMC engineer; from the 12 detained individuals, police seized cash, cryptocurrency, Rolex watches, and a Tesla Model S Plaid."
date: 2026-08-23T17:20:20.000Z
lang: en
url: https://xab.info/en/posts/former-tsmc-engineer-underground-money-transfer-network-taiwan-korea
tags: [tsmc, illegal-money-transfer, taiwan, south-korea, crypto, police-investigation, rolex, tesla]
publisher: "XAB.info"
---

# Former TSMC Engineer Headed an Underground Money Transfer Network Between Taiwan and Korea: Police Seized Rolex Watches, a Tesla, and Cryptocurrency

![Police-seized assets: stacks of cash in Korean won and Japanese yen, luxury wristwatches, bank cards and smartphones on a criminal investigation table in the former TSMC engineer's underground money-transfer case](https://xab.info/media/2026/08/23/bivshij-inzhener-tsmc-podpolnaya-set-peredach-tajvan-koreya/bivshij-inzhener-tsmc-podpolnaya-set-peredach-tajvan-koreya-1.webp)

## 🎯 Key Points

- A former TSMC engineer organized an illegal transfer network between Taiwan and South Korea that had been operating since 2018
- The scheme involved running money through Binance and Bybit cryptocurrency exchanges to bypass banking controls
- Police conducted 14 searches in three waves in July and detained 12 people
- Seized: 2.55 million TWD in cash, 1,078 USDT, Audemars Piguet and Rolex watches, and a Tesla Model S Plaid

Taiwan's Criminal Investigation Bureau uncovered a large-scale illegal money transfer network that had been operating between the island and South Korea since 2018. According to police, the scheme was run by a former engineer at the Taiwanese semiconductor giant TSMC, who had left the company due to health problems. After his departure, the man turned to underground settlements for Taiwanese trading companies that purchased clothing in South Korea. Clients handed over cash to representatives of the network in Taiwan, while affiliated participants paid for the goods on the Korean side, completely bypassing the legal banking system. A logistics company, formally engaged in product transportation, was used as a cover.

### Cryptocurrency Layer and Technical Optimization

To make it harder to trace the flow of funds, the organizers used several channels for moving money. Funds were first run through a local cryptocurrency exchange and then sent to South Korea via the Binance and Bybit platforms, as well as through personal cold wallets. The former engineer, according to the investigation, applied his technical skills to calculate profits and identify the most favorable moments to earn from exchange rate fluctuations. The group's main income came from the spread between the official and the underground exchange rates.

### Three Waves of Searches and 14 Detainees

Police carried out 14 searches in three waves — on July 14, 22, and 29. As a result, the organizer and 11 other participants of the network were detained. In the photographs released by law enforcement, the seized items are displayed: stacks of New Taiwan dollars, South Korean won, and US dollars, bank passbooks and plastic cards, as well as a number of smartphones, presumably used to coordinate the operations.

### Seized Assets: From Cash to a Tesla Model S Plaid

From the group, police seized 2.55 million New Taiwan dollars in cash, 1,078 USDT, 1.71 million South Korean won, as well as other assets totaling approximately 1.03 million New Taiwan dollars. Among the confiscated items were Audemars Piguet and Rolex watches, as well as a Tesla Model S Plaid electric vehicle. After his detention, the former TSMC employee was released on a bail of 500,000 New Taiwan dollars. The investigation is ongoing.

### Contradictory Data

No significant discrepancies in figures or chronology were found in the sources provided for fact-checking. However, the second of the two available sources (biz.chosun.com) is devoted to an entirely different topic — the commercialization of TSMC's glass substrates in South Korea — and contains no information about the investigation. Thus, all key facts rely on a single primary source (goha.ru), which republishes data from the Taiwanese police. No independent confirmation from the Korean side has been provided within this material.

## 🔍 Fact-Check Verification

- [Former TSMC Engineer Caught Running an Underground Currency Exchange](https://www.goha.ru/byvshij-inzhener-tsmc-popalsya-na-organizacii-podpolnogo-obmena-valyut-d2yLzG) - Единственный релевантный источник. Содержит полную хронологию обысков (14, 22, 29 июля), суммы изъятых активов, описание схемы. Перепечатка данных тайваньской полиции.
- [TSMC touts glass substrate gains as Korea players race to commercialize](https://biz.chosun.com/en/en-it/2026/06/18/CFQ2NQPKEZC5LCMU7HNR7UQUVE/) - Статья о коммерциализации стеклянных подложек TSMC в Южной Корее (июнь 2026). Не содержит информации о расследовании или финансовых преступлениях.

## ❓ FAQ

### Q: Who was the organizer of the underground transfer network?
**A:** The organizer turned out to be a former TSMC engineer who had left the company due to health problems. After his departure, he engaged in underground settlements for Taiwanese companies that purchased clothing in South Korea.

### Q: How exactly did the illegal transfers work?
**A:** Clients handed cash to representatives of the network in Taiwan, the money was run through a local crypto exchange, and then sent to South Korea via Binance, Bybit, and cold wallets. There, affiliated participants paid for the goods, bypassing the banking system.

### Q: What assets did the police seize?
**A:** From the group, police seized 2.55 million New Taiwan dollars in cash, 1,078 USDT, 1.71 million South Korean won, other assets worth about 1.03 million TWD, Audemars Piguet and Rolex watches, as well as a Tesla Model S Plaid.

### Q: What happened to the organizer after his detention?
**A:** The former TSMC employee was released on a bail of 500,000 New Taiwan dollars. The investigation is ongoing.