Hong Kong Customs has cracked a money laundering case involving approximately HKD 1.15 billion related to stablecoins

ChainCatcher news, according to Sing Tao Daily, the Hong Kong Customs today cracked a case suspected of using smuggled cash and virtual assets for money laundering, with an amount involved of about HKD 1.15 billion. A local man and a non-local man were arrested.

It is reported that Hong Kong Customs officers targeted a 37-year-old local man and a 50-year-old non-local man for a wealth investigation, discovering that they smuggled cash out of the country and frequently and rapidly conducted large transactions of stablecoins and legal tender with funds of unknown origin, which were extremely inconsistent with their background and financial status, suspected of engaging in money laundering activities. During the operation, Customs officers seized a batch of suspected illegal items, including mobile phones, tablets, and bank cards. The case is still under investigation, and the two arrested individuals are currently out on bail awaiting trial, with the possibility of more arrests not ruled out.