Million

Force

Coin

<html>
 <head></head>
 <body>
 <ul class="news-points"> 
 <li>Hong Kong police have arrested six people in connection with a money laundering scheme involving cryptocurrencies.</li> 
 <li>The arrested persons laundered illicit funds worth over HK$100 million ($12.7 million) through crypto tokens.</li> 
 <li>The police stated that the laundered funds were sent to e-wallet accounts overseas.</li> 
 </ul> 
 The <a href="https://coinedition.com/hong-kong-authorities-pursue-scammers-in-hk1m-crypto-heist/" rel="noopener noreferrer nofollow">Hong Kong</a> Police Force has arrested six individuals in connection with a money laundering scheme through cryptocurrencies. The arrested persons included a postsecondary student, who is suspected to be one of the two core members of the operation. The police believe that the student played a key role in leveraging cryptocurrencies to launder illegal funds.&nbsp; 
 According to a report by the South China Morning Post, the arrested individuals laundered a whopping HK$100 million (USD 12.7 million) over the course of three months. The police revealed that the syndicate was handling more than HK$1 million every day. The syndicate concealed the origins and flow of the illegal funds by trading cryptocurrencies using e-wallet accounts.&nbsp; 
 “It was a well-organized syndicate with a clear division of work and used multilayered approaches to increase the difficulty … 
 The post <a rel="noopener noreferrer nofollow" href="https://coinedition.com/six-arrested-in-hong-kong-for-laundering-12-million-through-crypto/">Six Arrested In Hong Kong For Laundering $12 Million Through Crypto</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinedition.com">Coin Edition</a>.
 </body>
</html>

Six Arrested In Hong Kong For Laundering $12 Million Through Crypto

Coin Edition

Other articles published on Jul 16, 2023

MultiversX to Debut 2FA Standard: Details

BTC, ETH and XRP Price Analysis for July 16

This Axie Infinity’s Rival Aims For Top 100 Cryptocurrency Positions, Ready to Deliver 40x to Ear...

SEC Argues that Allowing Coinbase to go Public Wasn't a Blessing

Shiba Inu (SHIB) Posts Surprising Price Gains as Market Declines

Coinbase Temporarily Pauses Staking Services in Four US States

Join our free newsletter for daily crypto updates!