Investing.com - Financial Markets Worldwide
🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Six Arrested In Hong Kong For Laundering $12 Million Through Crypto

Published 16/07/2023, 10:12
Six Arrested In Hong Kong For Laundering $12 Million Through Crypto

  • Hong Kong police have arrested six people in connection with a money laundering scheme involving cryptocurrencies.

  • The arrested persons laundered illicit funds worth over HK$100 million ($12.7 million) through crypto tokens.

  • The police stated that the laundered funds were sent to e-wallet accounts overseas.

The Hong Kong Police Force has arrested six individuals in connection with a money laundering scheme through cryptocurrencies. The arrested persons included a postsecondary student, who is suspected to be one of the two core members of the operation. The police believe that the student played a key role in leveraging cryptocurrencies to launder illegal funds.

According to a report by the South China Morning Post, the arrested individuals laundered a whopping HK$100 million (USD 12.7 million) over the course of three months. The police revealed that the syndicate was handling more than HK$1 million every day. The syndicate concealed the origins and flow of the illegal funds by trading cryptocurrencies using e-wallet accounts.

“It was a well-organized syndicate with a clear division of work and used multilayered approaches to increase the difficulty …

The post Six Arrested In Hong Kong For Laundering $12 Million Through Crypto appeared first on Coin Edition.

The post Six Arrested In Hong Kong For Laundering $12 Million Through Crypto appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.