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

In a major crackdown, Hong Kong authorities have arrested 12 individuals for orchestrating a transnational cryptocurrency money laundering scheme that resulted in a total of $15 million in illicit funds. The suspects allegedly used over 500 bank accounts to move funds anonymously, converting them into cryptocurrencies at various exchange locations. The operation was conducted following a lengthy investigation by Hong Kong Police, underscoring the city’s commitment to tightening regulations and combating illegal financial activities.