Hong Kong Police Force Dismantles Cryptocurrency Money Laundering Syndicate, Involving HK$44 Million

BlockBeats News, February 4th, the Hong Kong police recently carried out a large-scale city-wide law enforcement operation under the codename "Operation Gou Gong." Over the past three weeks, a total of 682 individuals have been arrested for fraud, cybercrime, and money laundering, involving approximately 580 cases of fraud and tech-related crimes, with a total amount involved of up to 620 million Hong Kong dollars.

Among them, in the "WarNet" operation targeting cybersecurity and tech-related crimes, a criminal gang that used cryptocurrency for money laundering was successfully dismantled. This gang was employed by an online fraud syndicate to launder approximately 44 million Hong Kong dollars in scam proceeds. They used over 200 dummy bank accounts for fund transfers, opened fake identity accounts on overseas cryptocurrency platforms, converted illegal funds into cryptocurrency, and cashed out through over-the-counter trading platforms.