Hong Kong police have dismantled a cross-border crypto laundering syndicate after arresting 12 suspects. The group allegedly laundered HK$118 million (approximately $15 million USD) through a network of over-the-counter crypto exchange shops and traditional banks. Authorities said the money came from various scams and was converted into cryptocurrency to hide its origins. Among the suspects are two important local individuals and ten mainland Chinese operatives, who are all between 20 and 42. The police discovered that the syndicate operated with shell accounts and numerous bank cards to hide illegal funds. This situation demonstrates the difficulties that authorities in the region have with stopping crypto laundering. Crypto Laundering Ring Busted in Hong Kong On Thursday, the Commercial Crime Bureau executed a raid on multiple places in Hong Kong. The police found over HK$1.05 million in cash, over 560 ATM cards, various electronic devices, and financial documents. Shirley Kwok Ching-yee, the city’s… Read More at Coingape.com
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