CoinVoice has learned that, according to the Sing Tao Daily, Hong Kong Customs today cracked a case involving the use of smuggled cash and virtual assets for money laundering, with an amount involved of approximately HKD 1.15 billion. A local man and a non-local man have been arrested.

It is reported that Hong Kong Customs personnel identified a 37-year-old local man and a 50-year-old non-local man and began a wealth investigation, discovering that the two had been smuggling cash out of the country and frequently and rapidly conducting large transactions of stablecoins and fiat currencies with unidentified funds, which was inconsistent with their backgrounds and financial conditions, suspected of engaging in money laundering activities. During the operation, Customs personnel seized a batch of suspected items involved in the case, including mobile phones, tablets, and bank cards. The case is still under investigation, and the two arrested individuals are currently out on bail awaiting trial, with the possibility that more arrests may occur. [Original link]