Money laundering is nothing new and in recent years money laundering through digital currencies has been the new trend. Accordingly, Hong Kong customs have arrested about 4 persons for money laundering through cryptocurrencies.
Operation Coin Breaker
A group of about four persons were arrested by the Hong Kong customs for crypto related laundering. The Hong Kong customs officially sealed off their organization involving millions of laundering in the form of cryptocurrencies.
The Hong Kong customs have been well in pursuit of these people involved. Also, they have been following them up closely upon their investigations and furthermore information through various sources. For this, the Hong Kong customs named the operation ‘Coin Breaker’. This initiative in order to capture this cryptocurrency laundering gang was initiated on July 8.
Furthermore, about four persons were arrested upon this operation. All these four persons were between the age groups of 24 to 33. Accordingly, the Hong Kong customs state that the organization of these four persons involved the transfer of money upon various local bank accounts and also between accounts in Singapore.
Moreover, most of these transactions were through a particular cryptocurrency exchange. Yet, Hong Kong customs refused to reveal any information regarding the cryptocurrency exchange though.
Amidst all this, it’s also proven that most of these fund transfers were also through various banks between the period of February of last year till May of 2021.
Crime Investigation Head’s Comments
The head of the syndicate Crimes investigations Bureau of Customs, Mark Woo, reported that they have confirmed that the cryptocurrency used by these fraudsters was actually Tether (USDT).
In addition, he revealed that about HK$880 million which is $155 million USD, upon the trading in about 40 e-wallets on their complete investigations.
Also, all these four persons are of various different occupations and have got together for this particular laundering. However, all these four are right now released on bail.
In spite of all this, Hong Kong officially states that this is their first-ever money laundering case caught upon using cryptocurrencies.
Recommended for You