$15 Million Crypto Laundering Operation Disrupted in Hong Kong

Hong Kong authorities have successfully dismantled a cross-border crypto laundering operation that allegedly processed over US$15 million in illicit funds. The takedown, led by the Commercial Crime Bureau, resulted in the arrest of 12 individuals and seizure of significant evidence, including cash, bank cards, communication devices, and financial documents. The investigation indicates that this criminal enterprise operated through a recruitment system targeting citizens from mainland China since mid-2023 to create fraudulent banking accounts in Hong Kong and facilitate illicit transactions.