Hong Kong Police Crackdown on Cryptocurrency Laundering Operation

In a significant move against illicit financial activities, Hong Kong police arrested 12 individuals involved in a major cryptocurrency laundering operation. The arrests were made by the Hong Kong Commercial Crime Bureau and target prominent figures accused of laundering approximately $15 million USD. Investigations reveal a sophisticated scheme where illicit funds were concealed through conventional banking channels before being converted into cryptocurrency on OTC exchanges. This has created significant challenges for law enforcement as tracking these funds becomes increasingly difficult.