Hong Kong Customs cracked a case of money laundering using stablecoins, involving an amount of about 1.15 billion yuan

PANews reported on July 22 that according to Sing Tao Daily, Hong Kong Customs today cracked a case of suspected money laundering using smuggled cash and virtual assets, involving an 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 targeted a 37-year-old local man and a 50-year-old non-local man and launched a wealth investigation, finding that the two smuggled cash out of the country and frequently and quickly conducted huge stablecoin and legal currency transactions with funds of unknown origin, which was extremely inconsistent with their background and financial situation, and they were 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 persons are currently on bail pending investigation, and more arrests are not ruled out.