Hong Kong Customs has cracked a suspected case of money laundering using stablecoins, involving a total amount of approximately 1.15 billion yuan

According to Sing Tao Daily, Hong Kong Customs today cracked a suspected money laundering case involving smuggled cash and virtual assets, with a total amount of about 1.15 billion yuan, and arrested a local man and a non local man. It is reported that Hong Kong customs officers have identified a 37 year old local man and a 50 year old non local man and conducted a wealth investigation. It was found that the two individuals smuggled cash out of the country and frequently and rapidly traded large amounts of stablecoins and legal tender with unknown funds, which is highly disproportionate to their background and financial situation, and are suspected of money laundering activities. During the operation, customs officers seized a batch of suspected items involved in the case, including mobile phones, tablets, and bank cards. The case is still under investigation, and the two arrested individuals are currently on bail awaiting further investigation. It cannot be ruled out that more people may be arrested.