Hong Kong Police Arrest 12 in $15 Million Crypto Laundering Case

Hong Kong police have dismantled a cross-border money laundering syndicate, arresting 12 people who allegedly laundered HK$118 million ($15 million) through banks and crypto exchanges. Two locals and ten mainland Chinese, aged 20 to 42, were involved. They used shell accounts in both digital and traditional banks in Hong Kong, with 500 accounts created. Around $1.3 million stemmed from 58 scams. As fraud rises, Hong Kong combats both money laundering and fraud while advancing digital assets.