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Hong Kong Customs cracked a case of money laundering using stablecoins, involving an amount of about 1.15 billion yuan
Odaily News Hong Kong Customs today cracked a case involving money laundering using smuggled cash and virtual assets, involving an amount of approximately HK$1.15 billion, and arrested a local man and a non-local man. It is reported that Hong Kong Customs officers targeted a 37-year-old local man and a 50-year-old non-local man and launched a wealth investigation. They found that the two smuggled cash out of the country and frequently and quickly conducted huge stablecoin and legal currency transactions with funds of unknown origin, which was extremely inconsistent with their background and financial situation. They were suspected of money laundering activities. During the operation, customs officers seized a batch of items suspected of being involved in the case, including mobile phones, tablets and bank cards. The case is still under investigation. The two arrested persons are currently on bail pending investigation, and more arrests cannot be ruled out. (Sing Tao Daily)
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