Hong Kong Cracks Down on $15 Million Cryptocurrency Laundering Ring

A joint operation by Hong Kong authorities has resulted in the arrest of 12 individuals, including two prominent ringleaders based in Hong Kong and ten accomplices from mainland China. The suspects allegedly operated a complex network aimed at concealing the origins of illicit funds through hundreds of fraudulent bank and crypto accounts. They used over 500 shell accounts, many created across both traditional and digital banking platforms, to funnel money into cryptocurrency exchanges.