Hong Kong Authorities Bust Crypto Money Laundering Ring, $191M Seized
CryptoNewsTerminal Staff08 Aug, 2024
Hong Kong Authorities Bust Crypto Money Laundering Ring, $191M Seized
The Hong Kong authorities have dealt a significant blow to cryptocurrency-based money laundering operations with the arrest of a criminal gang allegedly responsible for laundering a staggering HK$1.5 billion (US$191 million) through crypto transactions. In a major crackdown, the authorities have frozen a whopping HK$2.2 billion worth of assets linked to the gang's accounts. Investigations have uncovered a sophisticated money laundering scheme, where the gang received and processed illicit funds from overseas, primarily originating from South Korea, between 2020 and 2022. This operation highlights the growing role of cryptocurrencies in facilitating financial crimes. The authorities have emphasized their commitment to combating money laundering and other illicit activities involving cryptocurrencies, sending a clear message that such unlawful operations will not be tolerated.
