- 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.