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Hong Kong Police Bust $15 Million Crypto Money Laundering Ring
Hong Kong Police Bust $15 Million Crypto Money Laundering Ring
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Hong Kong authorities have dismantled a cross-border money laundering operation involving cryptocurrency, arresting 12 individuals across the city and mainland China. The syndicate allegedly processed HK$118 million (US$15 million) through bank accounts and crypto exchange shops, with funds linked to 58 fraud cases totaling HK$43.2 million in losses.
Police seized over HK$1 million in cash and more than 560 ATM cards during raids. The group’s method involved converting illicit funds into digital assets, highlighting ongoing challenges in combating financial crime within crypto ecosystems. Two alleged ringleaders were among those detained, with suspects ranging from 20 to 42 years old.
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