Bill Guan, the chief financial officer of The Epoch Times, a far-right international media company, has been indicted for his alleged involvement in a multi-million dollar cryptocurrency money laundering scheme.

U.S. federal prosecutors revealed on June 3 that Guan was charged with participating in a transnational scheme to launder $67 million in illicit funds through cryptocurrency. Guan was subsequently arrested.

According to prosecutors, Guan conspired with others to launder the illegally obtained funds by directing a group known as the "Make Money Online" (MMO) team. Under his direction, the group allegedly used cryptocurrency to launder crime proceeds, including funds obtained from fraudulent unemployment insurance claims.

The scheme involved purchasing the crime proceeds at discounted rates, around 70 to 80 cents per dollar, using a specific cryptocurrency platform. When questioned by banks about the funds, Guan allegedly provided false explanations, claiming the funds came from legitimate donations to The Epoch Times.

During the period of the money laundering scheme, The Epoch Times' internal financial accounting showed a significant increase in annual revenue, approximately 410% higher than the previous year.

Guan faces charges of conspiring to commit money laundering and two counts of bank fraud, with each charge carrying a potential prison sentence of up to 20 to 30 years. The Department of Justice emphasized that the charges are directed at Guan's actions and not those of The Epoch Times.

Founded in 2000, The Epoch Times was established to counter Chinese Communist Party propaganda and operates as a media company in multiple countries and languages.