A special unit of Hong Kong customs has reported the arrest of four people who are suspected of laundering $ 113 million using cryptocurrencies, mainly USDT stablecoins.
The organized crime group mainly used USDT stablecoins for money laundering. According to law enforcement, four people have been conducting money laundering operations for over 15 months, and 40 USDT wallets were used for transactions.
“Our investigation revealed that the syndicate laundered approximately HK $ 880 million with cryptocurrencies between February 2020 and May 2021,” said Mark Woo Wai, Senior Superintendent of the Organized Crime Bureau at Hong Kong Customs. -kwan).
An additional HK $ 300 million ($ 38 million) was laundered using traditional methods. For money laundering, criminals charged fees ranging from 3% to 5% and sent money to bank accounts in Hong Kong, China and Singapore.
This is the first such case in Hong Kong. Wu Wai-kwan emphasized that the use of cryptocurrencies makes it difficult to detect criminal activity and allows you to hide the origin of illegal money.
Recall that recently, as part of an international money laundering investigation, the British police confiscated a cryptocurrency worth more than £ 180 million (about $ 250 million).
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