Hong Kong Police Dismantle $15 Million Cryptocurrency Money Laundering Ring

The Hong Kong Commercial Crime Bureau has dismantled a major cross-border cryptocurrency money laundering ring, seizing illicit funds worth an estimated $15 million. The operation involved utilizing mainlander accounts to receive ill-gotten gains and transferring them through hundreds of bank accounts. This sophisticated scheme was spearheaded by Chief Inspector Lo Yuen-shan and Superintendent Shirley Kwok Ching-yee, who faced challenges in tracing the funds due to their conversion into cryptocurrencies. The raids resulted in the seizure of HK$1.05 million in cash and 560 ATM cards.