#Crypto Laundering Ring Busted in Hong Kong as 12 Suspects Arrested

Crypto laundering ring busted in Hong Kong after HK$118M laundered via shell accounts, crypto exchanges, and bank cards.

Highlights

Hong Kong police arrested 12 in a crypto laundering ring that moved HK$118M through 550 bank accounts and crypto exchanges.

The syndicate used 500+ fake accounts, shell banks, and 560 ATM cards to convert scam funds into cryptocurrency since mid-2024.

Since Oct 2023, HK increased money laundering sentences by up to 15%, with up to 14 years prison for lending bank accounts illegally.

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.