Hong Kong Police Arrest 12 in Crypto Laundering Ring

Hong Kong law enforcement has dismantled a major crypto money laundering ring, arresting 12 individuals suspected of moving over HK$118 million through cryptocurrency transactions since July. The operation, linked to over 50 reported scams, highlights the challenges of combating illicit activity in the burgeoning cryptocurrency market. Authorities discovered a transnational criminal network utilizing cryptocurrency exchanges to conceal their financial tracks and evade detection.