• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / Hong Kong authorities crackdown $155M money laundering ring
Hong Kong

Hong Kong authorities crackdown $155M money laundering ring

July 15, 2021 by Sahana Kiran

Hong Kong Customs has reportedly put a stop to a significant money-laundering syndicate that involved the use of cryptocurrency.

Criminals have started to venture into the digital world, taking advantage of the fact that the crypto industry isn’t entirely regulated. However, authorities from across the globe have stepped up their game and made arrangements to deal with crimes involving the crypto industry. Hong Kong’s customs was one of them as they managed to disassemble a money-laundering syndicate that carried out a $155 million transfer.

The South China Post revealed that the police captured four men between the age of 24 and 33 for the same. This list included the leader of the syndicate along with the others that helped him out.

Hong Kong encounters its first crypto money laundering case

The money-laundering syndicate was reportedly started back in February 2020 and functioned all the way up to May 2021. A total of HK 1.2 billion had been illegally transferred through different bank accounts. About 60% of the funds were sent through bank accounts in Singapore.

The transaction pattern of the ring leader was what raised suspicion, which further instigated the investigation. Noting how this case was the first of its kind in the city, the Senior Superintendent Mark Woo Wai-kwan of customs’ syndicate crimes investigation bureau stated,

“It is the first time in Hong Kong that a money-laundering ring involved in using cryptocurrency to wash dirty cash and conceal the source of criminal assets was broken up.”

Furthermore, it was noted that those involved in the”Coin Breaker” case were employing the world’s largest stablecoin, Tether [USDT], to launder most of their funds. Around 40 wallets associated with the money laundering ring were found by the authorities during the investigation.

No cryptocurrency exchange’s name surfaced. The authorities hadn’t revealed what crypto platform was processing the illegal transactions carried out by the money laundering syndicate.

Filed Under: News, Altcoin News, Crypto Scam, World Tagged With: Hong kong

Primary Sidebar

Recent Posts

  • Cryptocurrency balance freeze of Vauld: Indian saga August 14, 2022
  • Vauld’s Legal Woes Mount After ED Freezes Assets Worth $46M August 12, 2022
  • XRP Rewards Programs Now In Japanese Shinsei Bank August 12, 2022
  • Trexpunks Boosts NFT Market Sentiment With New Features August 12, 2022
  • Pets vs Pets August 12, 2022

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2022 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.