Hong Kong police have conducted an operation resulting in 458 arrests related to crypto scams, with a focus on 314 money laundering cases. Approximately $15 million was laundered through cash withdrawals and cryptocurrency transactions. The victims involved in these cases were connected to various financial crimes, including online shopping scams, job search fraud, fraudulent investments, telephone scams, and online romance deception.
The investigation revealed instances where money laundering groups convinced individuals to provide their bank accounts, subsequently using them to launder proceeds from different scams. These activities took place over an eight-month period, from October to June.
Among those arrested were 330 men and 128 women, ranging in age from 15 to 82. Some of these individuals were both perpetrators and victims of online scams. They were tricked into sharing personal information, such as copies of identity documents, for the purpose of facilitating money laundering activities.
The crypto scene in Hong Kong and globally has been marked by various enforcement actions and scams. The well-known crypto exchange Binance has faced scrutiny for issues like market manipulation, sanctions violations, and regulatory compliance. Additionally, scams in the crypto space have exploited platforms like Friend.tech and Google Ads to deceive users and steal their funds.
By FCCT Editorial Team
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