The Hong Kong police launched an anti-money laundering operation, with the amount of money laundered through the buying and selling of cryptocurrencies reaching 110 million USD

ChainCatcher news, according to Hong Kong Economic Journal, the Hong Kong police launched an anti-money laundering operation this month, arresting 458 individuals suspected of money laundering and related crimes, involving an amount of 470 million HKD.

The police stated that some money laundering groups lure local and foreign individuals to sell their bank accounts for prices ranging from 300 to 1,500 USD, used to launder criminal proceeds from various fraud cases. Between October last year and June this year, these groups are suspected of laundering up to 110 million USD in criminal proceeds through cash withdrawals and cryptocurrency transactions.