Techub News reports, according to Sing Tao Daily, that Hong Kong Customs today cracked a case involving money laundering suspected of using smuggled cash and virtual assets, with an amount involved of approximately 1.15 billion HKD. A local man and a non-local man have been arrested. Hong Kong Customs officers identified a 37-year-old local man and a 50-year-old non-local man and launched a wealth investigation. It was found that the two had smuggled cash out of the country and frequently and rapidly conducted large transactions of stablecoins and fiat currency with funds of unknown origin, which was highly inconsistent with their background and financial status, suspected of engaging in money laundering activities. During the operation, customs officers 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 of more arrests not ruled out.